Shares of financial technology company One Mobikwik Systems were in high demand on the first day of its initial public offering, with bids for over double the number of shares available. This success bodes well for the company's future growth and potential to disrupt the financial industry. Stay updated on all the latest business news, stock market updates, and personal finance tips from Zee Business.
MobiKwik's IPO: A Strong Start for the Digital Wallet Company
Background
MobiKwik, a leading digital wallet and payments platform in India, recently made its debut on the stock market through an initial public offering (IPO). The IPO, which opened on November 3, 2022, received a strong response from investors, with bids for over double the number of shares available.
IPO Details
MobiKwik raised approximately ₹1,900 crore (US$240 million) through its IPO. The company issued 19,710,655 equity shares at a price of ₹350 per share. The issue was oversubscribed by 2.62 times.
Analysis
The success of MobiKwik's IPO reflects the growing demand for financial technology (fintech) services in India. The company has established a strong position in the digital wallet market, with over 150 million registered users and a presence in over 4,000 cities.
MobiKwik's IPO also highlights the potential for Indian fintech companies to achieve significant growth and disrupt traditional financial institutions. By leveraging technology, MobiKwik has created a convenient and affordable way for consumers to make payments, transfer funds, and access financial services.
Top 5 FAQs
1. What is MobiKwik? MobiKwik is a digital wallet and payments platform that enables users to make payments, transfer funds, and access financial services through their mobile phones.
2. Why did MobiKwik go public? MobiKwik went public to raise capital for its expansion plans and to provide an exit opportunity for its investors.
3. How did MobiKwik's IPO perform? MobiKwik's IPO was oversubscribed by 2.62 times, indicating strong demand from investors.
4. What are MobiKwik's growth prospects? MobiKwik has significant growth potential as the digital wallet market in India is expected to grow rapidly in the coming years. The company is also exploring new growth areas, such as credit and insurance.
5. What are the risks associated with investing in MobiKwik? As with any investment, there are risks associated with investing in MobiKwik. These risks include competition from other fintech companies, regulatory changes, and economic downturn.
The Indian government has stepped in to support its exporters amidst high tariffs imposed by the US. This includes providing assistance and facilitating access to domestic buyers for exporters. However, India may face challenges in the coming months with additional tariffs on Russian oil, impacting its export growth to the US.
After nearly four days of striking and thousands of passengers being stranded, the Canadian Union of Public Employees (CUPE) and Air Canada have reached a tentative agreement, bringing a halt to the strike. The airline plans to gradually resume flights starting Tuesday evening, but warns that it could take up to a week before operations return to normal. The deal, still to be ratified by union members, addresses key issues such as pay and hours, and is described as bringing "transformational change" for workers and the industry. Passengers are advised to only head to the airport if they have confirmed bookings.
Indian equity markets saw a positive start on Thursday, September 18, 2025 due to the US Federal Reserve's decision to cut interest rates by 25 basis points. The Sensex and Nifty indices opened with significant gains, with major tech companies like Infosys and HCL tech leading the pack. However, Bajaj Finance and other financial institutions faced some losses in the opening session. With Gift Nifty indicating a positive start and strong investments by Foreign and Domestic Institutional Investors, experts predict better market conditions in the coming days.
After nearly four days of cancelled flights and stranded passengers, Air Canada has reached a tentative agreement with the union representing its cabin crew. The company plans to resume operations gradually on Tuesday evening, but it could take a week for full service to resume. The deal, which still needs to be ratified by union members, includes "transformational change" for workers and the industry. Passengers are advised to only head to the airport if they have confirmed bookings.
The US Federal Reserve announced a 25 basis point cut in interest rates, which was widely expected by economists and investors. The decision was approved by a stronger than expected 11-1 vote, signaling unity within the central bank. The US markets reacted positively to the news, with the Dow Jones and Nasdaq trading higher. The impact of this rate cut on Indian markets is yet to be seen, but Nifty futures suggest a gap-up opening.
As VMS TMT Ltd. prepares to launch its initial public offering, the grey market premium for its mainboard issue is already showing signs of high demand. The company, which manufactures TMT Bars and deals in scrap and binding wires, is set to go public on Wednesday, September 17. With the GMP currently at Rs 23 per share, investors are estimating a potential listing gain of 23.23% per share. The company is offering 1.5 crore shares at a price band of Rs 94 to Rs 99 per share, with a minimum investment of Rs 14,850 for retail investors.
Despite President Trump's dismissal of a top Federal Reserve official, investors shrugged off concerns and pushed stocks higher. The Dow, S&P 500, and Nasdaq all finished the day in positive territory, with the Dow hitting a new record closing high. While the move to remove the official raises questions about the Fed's independence, investors are focused on upcoming economic indicators, including a report on inflation and highly anticipated earnings reports from tech giants like Nvidia. Meanwhile, the digital currency Bitcoin continues to struggle, dropping below $110,000 for the first time in two weeks.
In an effort to reduce reliance on China for key minerals used in advanced technologies, India is exploring partnership with a rebel group in Myanmar to secure rare earth samples. The Ministry of Mines has directed state-owned and private companies to collect samples from Kachin Independence Army-controlled mines and test them in domestic labs. This move comes in light of China's recent export restrictions on rare earth magnets, causing disruptions in global supply chains.
Oracle chairman Larry Ellison, who hails from the Bronx, has surpassed Tesla CEO Elon Musk as the richest person in the world with a net worth of $405 billion. This jump in wealth was reported by Barron's on Wednesday, putting Ellison ahead of Musk's net worth of $390 billion. This milestone marks a shift in the top spot amongst the world's wealthiest individuals.
The US Producer Price Index fell 0.1% in August, bucking expectations of a rise and indicating a potential slowdown in overall economic growth. The decline was driven by a slump in the cost of services, particularly within wholesalers and retailers. The news has led to a drop in Treasury yields and solidifies expectations of an interest rate cut by the Federal Reserve next week.