Paytm marks one of the biggest stock market debuts
The initial public offering (IPO) of One97 Communication — the parent company of fintech startup subscribed 18 percent on the first day of its opening. The subscription will close on November 10.— was
According to the Indian bourses, Paytm's Rs 18,300 crore issue received bids for 88.23 lakh equity shares against an offer size of 4.83 crore shares, priced between Rs 2,080 and Rs 2,150 per share.
While retail investors' subscriptions stood at 78 percent on day one, the reserved portion of non-institutional investors was subscribed 2 percent. The qualified institutional buyers bid for 6 percent of their allotted quota.
Paytm's IPO is one of the biggest debuts on the Indian stock markets, followed by Coal India, which saw a Rs 15,000 crore IPO in 2010.
The IPO comprises the issuance of fresh equity shares worth Rs 8,300 crore and an Offer for Sale (OFS) by existing shareholders to the tune of Rs 10,000 crore.
It has already raised Rs 8,235 crore from anchor investors who subscribed for Rs 2,149 per share.
The public issue will see some of the existing shareholders of Paytm, including founder Vijay Shekhar Sharma, SoftBank, Ant Group, and Elevation Capital, diluting their stakes. Paytm Founder Vijay Shekhar Sharma will sell Rs 402.65 crore worth of shares through an Offer for Sale.
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