The mega share sale of Paytm was the largest ever initial stake sale by any domestic company via the primary route. The company raised as much as Rs 18,300 crore through its IPO.
The initial stake sale of One97 Communications was open for subscription between November 8-10. The company sold its shares in the range of Rs 2,080-2,150.
The IPO was subscribed less than two times. The quota for qualified institutions was subscribed 2.79 times, whereas retail investors’ portion was subscribed 1.66 times. Non-institutional investors’ quota was subscribed only 24 per cent.
However, the listing of Paytm shares was on expected lines as the company was exchanging hands at a discount of Rs 25-35 in the grey market.
Dealers tracking the grey market attributed the poor listing to ultra-expensive pricing, poor financials and muted prospects for growth.
With its debut on Dalal Street, Paytm has joined the likes of Nykaa, Zomato and PB Fintech. All other listed home-grown startups have rewarded investors handsomely.
