"Focus To Ensure Backing Of Bluest Of Bluechip Investor": Paytm CFO
Paytm's share sale via initial public offering (IPO) was receiving good response from investors in the opening hours of the issue as the country's biggest-ever IPO was subscribed 8 per cent in the first hour. Retail investors were seen bidding in higher numbers in the ongoing share sale as the portion set aside for them was subscribed 30 per cent within an hour of opening while qualified institutional buyers, which include financial institutions and banks, and Non Institutional Investors, were yet to place their bids, data from the National Stock Exchange showed.
Paytm's president and group CFO told NDTV that the company ensured that it has backing of "bluest of bluechip investors" from around the world in the IPO and the way its anchor round was subscribed was never seen in the country before.
"Our focus is to make sure we have the backing of bluest of bluechip investor from around the world. And if you see the anchor round that we closed on Wednesday, you will see that sort of anchor round was never done in India," Madhur Deora, president and group CFO at Paytm told NDTV.
Responding on high valuation concerns Mr Deora said that the way anchor round was subscribed with a host of investors investing more than Rs 500 crore shows that investors don't find valuations expensive.
"We are quite proud of the company of investors who have looked at our story looked, looked at how our sort of companies can create value and basis their experience from around the world decided to back Paytm in a big way and clearly they don't find valuations too expensive which is why they are investing in Paytm's IPO round,"Mr Deora said.
Paytm's Rs 18,300-crore share sale via Initial Public Offering (IPO), the country's biggest ever, opened for subscription today. The company is planning to sell 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 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.
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