Paytm’s ₹18,300 crore initial public offering (IPO) was oversubscribed 1.89 times on the last day of subscription on Wednesday in what said to be India’s biggest share sale. The three-day issue was launched on November 1 which concluded on November 3, with a price band of ₹ ₹2,080-2,150 per share.
The finalization of Paytm IPO’s share allotment is likely to take place next week on November 15, and the shares are expected to be listed on leading stock exchanges NSE and BSE on November 18. Link Intime India Private Ltd is the registrar for the IPO.
As per market observers, Paytm shares premium (GMP) in the grey market today have slipped further to ₹20.
Paytm’s parent company One97 Communications’ initial share sale received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares. While the portion set aside for retail investors was oversubscribed 1.7 times, that for institutional buyers received demand for 2.8 times. Non-institutional investors (NIIs) such as wealthy individuals and companies purchased about 24% of the shares offered to them.
Paytm IPO comprised a fresh issue of equity shares worth ₹8,300 crore and an offer for sale (OFS) of shares worth up to ₹10,000 crore. The OFS, or secondary share sale, consisted of the sale of shares worth up to ₹402.65 crore by founder Vijay Shekhar Sharma.
Incorporated in 2000, One97 Communications is India’s leading digital ecosystem for consumers and merchants. It offers a range of services to the users – payment services and financial services. It is the largest payments platform in India, with a GMV of around ₹4 lakh crore in FY21. As of June 30, 2021, it offers payment services, commerce & cloud services, and financial services to 33.7 crore consumers & over 2.2 crore merchants.
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