Paytm's IPO, The Country's Biggest-Ever, Subscribed 18% On First Day
Paytm's Rs 18,300 crore initial public offer (IPO), the country's biggest ever, was subscribed 18 per cent on November 8, 2021, the first day of bidding. It received bids for 88.21 lakh equity shares against offer size of 4.83 crore shares.
The portion set aside for retail investors was subscribed 78 per cent, while the reserved portion of non-institutional investors (NIIs) was subscribed 2 per cent, and qualified institutional buyers (QIBs) have put in bids for 16.78 lakh shares against 2.63 crore shares set aside for them.
Earlier, Paytm's share sale via IPO opened for subscription today. The last day for its subscription is November 10, 2021.
One97 Communications, Paytm's parent company, plans to sell shares in the price band of Rs 2,080 to Rs 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 an offer for sale of Rs10,000 crore from its existing investors and fresh issue of Rs 8,300 crore.
The company plans to use funds generated from the IPO to grow and strengthen Paytm ecosystem, including through acquisition and retention of consumers and merchants and providing them with greater access to technology and financial services.
It also plans to invest in new business initiatives, acquisitions and strategic partnerships.
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