Business

Paytm IPO Totally Subscribed By Noon On Last Day

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Paytm's Rs 18,300 crore share sale via initial public offering (IPO) was fully subscribed by afternoon on the final day of the subscription, data from stock exchanges showed.

Paytm IPO was subscribed 1.22 times by 1:45 pm, according data from the National Stock Exchange.

Paytm received over 5.89 crore bids for 4.83 crore shares on the offer.

A total of 1.05 crore bids were received at the cut off price.Qualified institutional buyers, which include investors like financial institutions, banks and foreign institutional investors, were seen bidding in large numbers as the portion reserved for them was subscribed 1.88 times.

Among the QIBs, foreign institutional investors placed bids for 4.94 crore shares.

Non-institutional investors were showing tepid response to the issue as number of shares set aside for them was subscribed 13 per cent, data from BSE showed.Retail investors were also seen participating in large numbers as the portion set aside for them was booked 1.5 times.Paytm is selling shares in the price band of Rs 2,080-2,150 per share and retail investors can bid for a minimum of one lot of six shares up to a maximum of 15 lots.

At the upper price band one lot of Paytm shares will cost Rs 12,900.Paytm's IPO consists of a fresh issue of Rs 8,300 crore and an offer for sale (OFS) by existing shareholders worth Rs 10,000 crore.Paytm allocated shares worth Rs 8,235 crore to more than 100 institutional investors, including the government of Singapore, ahead of the country's largest stock market listing.Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option.

Its use swelled further in 2016 when a ban on high-value currency bank notes in India boosted digital payments.




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