Digital payments and financial services firm Paytm has fixed an offer price of ₹2,150 apiece for its initial share-sale, the top of its price range, in its ₹18,300 crore initial public offering (IPO), a prospectus showed on Friday. Paytm had priced its shares in a price band of ₹2,080-2,150 per share, valuing the company at ₹1.39 lakh crore at the upper end of the price band.
Its initial share sale received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares. The Paytm IPO closed with 1.89 times subscription.
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.
The IPO is the largest ever in India in a decade after Coal India’s public issue. Paytm parent company One97 Communications’ three-day issue was launched on November 1 and concluded on November 3. 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 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.
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.
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