MobiKwik's [ONEM.NS] 5.72 billion-rupee ($67.4 million) IPO was snapped up in under an hour on Wednesday as retail investors flooded in, betting on the Indian fintech firm's long-term prospects in a booming online payments market and short-term gains once the stock lists.

Recent trends show that Mobikwik shares are trading at a premium of ₹136 on the grey market. As of December 11, the shares are expected to list at a gain of 48.75 per cent.

The grey market premium (GMP) for Mobikwik's IPO surged to Rs 149 on Day 2, up from the previous day, indicating a potential 53.41% listing gain over the upper price band of Rs 279 per share.

The strong subscription mirrors trends in the grey market, where Mobikwik's unlisted shares commanded a solid premium on Thursday

MobiKwik’s INR 572 Cr IPO saw robust demand from retail individual investors (RII), resulting in an oversubscription for 36.23X

MobiKwik IPO was subscribed 7.32 times on the first day of subscription, with the portion reserved for retail investors booked the highest among the three groups of investors.

The initial public offering of One MobiKwik Systems Ltd. has entered the second day of bidding, after it was subscribed 7.32 times as retail investors continued to pour into the issue. The issue was subscribed 9.80 times, as of 11 a.m. on the second day. The price band for the IPO is Rs 265 to 279 per share.

One Mobikwik Systems IPO opens today, Mobikwik Systems IPO GMP Updates:The ₹572-crore One MobiKwik Systems IPO opened today and closes on3.

The IPO of One MobiKwik Systems Limited was quickly oversubscribed within an hour of bidding, primarily driven by retail and Non-Institutional Investors, as per available data.