Of One97 Communications’ 64.82 crore outstanding shares, only 8.2% is freely available to trade and the rest are locked in.
The anchor portion of Paytm’s IPO comprised 41.78% of the gross issue and is locked in till Dec. 14.
The pre-IPO shareholding is locked in for a year—till Nov. 14, 2022—according to SEBI guidelines. What that means is pre-IPO investors, including anyone who bought in the over-the-counter market before the listing, can’t sell for the next one year even though they may have purchased the shares at almost twice the current market price.
In the first two days, 5.19 crore Paytm shares were traded on both the stock exchanges NSE and BSE. That’s about 97.4% of the free float available in the market.
Shares marked for delivery in the first two trading sessions were high because investors who participated in the IPO hoping for a listing day surge may have exited as the stock tumbled below the issue price.
Bulk of trades came from investors, brokers selling the shares and buying at a lower price, booking profit intra-day.
In all, 1.74 crore shares were delivered in the first two days. That fell to about 28 lakh by Day Three.