Paytm IPO Subscribed 35% So Far On Day 2, Retail Portion Filled 100%

Paytm's Rs 18,300 crore share sale via initial public offering (IPO), the country's biggest-ever IPO, was subscribed 35 per cent on second day of the issue by 12:45 pm, data from stock exchanges showed. Meanwhile, the portion of Paytm shares set aside for retail investors was subscribed 100 per cent as it received 90,01,254 bids for 87,98,076 shares reserved for retail individual investors, according to data on BSE.

Portion reserved for Qualified institutional Buyers (QIBs), which include investors like foreign investors, financial institutions and banks, was subscribed 29 per cent and number of shares reserved for Non Institutional Investors was subscribed three per cent, data from BSE showed.

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 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.

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.

Apart from Paytm's managing director and CEO Vijay Shekhar Sharma, investors like Japan's SoftBank, China's Ant Group and Alibaba as well as Elevation Capital are among the top investors diluting their stakes in the IPO.

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.