The shares of Paytm's parent company One97 Communications, will make their debut at the stock market today, 18 November. The shares will be listed on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE).
Investors are anticipating a muted listing for the payments company after its Initial Public Offering (IPO) received a lukewarm response. This is in sharp contrast to the recent profits turned in by the IPOs of Nykaa, Zomato and Go Tarsons.
The IPO subscription of Paytm made its debut on 8 November. The Rs 18,300 crore public issue received a lower response than expected from high net-worth individual (HNI) qualified institutional buyers (QIB), as per reports. The portion reserved for QIBs was subscribed 2.97 times and retail investors' portion was booked 1.66 times. Non-institutional investors booked 0.24 times of the portion reserved for them.
The grey market premium (GMP) of Paytm has been a cause of concern for investors. The GMP of the shares fell to the price band of Rs 20 to 30, witnessing a sharp decline from the range of Rs. 125-150 levels that were seen before the debut of the IPO subscription.
According to Moneycontrol, in the grey market, the Patym shares were trading at Rs 2,170-2,180 each against the final issue price of Rs 2,150. Some experts believe that the aggressive pricing of the IPO was part of the reason, as per the news report.
The Paytm IPO was the largest in Indi’s corporate history, surpassing a decade-long record held by Coal India. The IPO held fresh issue of Rs 8,300 crore as well as Rs 10,000 crore as an offer for sale (OFS). Before its IPO, the company had amassed Rs 8,235 crore from 122 anchor investors including BlackRock Global Funds, World Technology Fund and so on.
The shares were priced in the band of Rs 2,080 - 2,150 apiece, with investors bidding in lots of six or its multiples. The allotment of shares was finalised by 15 November. Investors had to spend a minimum of Rs 12,840 to get a single lot of the equity shares.
https://ift.tt/eA8V8J from Firstpost Business Latest News
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