Digital payment company Paytm on Monday, 8 November, opened subscriptions for its Rs 18,300 crore share sale via Initial Public Offering (IPO) – the country's biggest ever.
The Rs 18,300-crore IPO was reportedly subscribed 18 per cent on its first day of bidding, receiving bids for 88.21 lakh equity shares against an 4.83 crore shares offered to them.
Meanwhile, the offer size for retail investors was subscribed 78 percent, while the reserved portion of non-institutional investors (NIIs) was subscribed 2 percent, NDTV reported.
Qualified institutional buyers (QIBs) bid for 16.78 lakh shares against the offer size of 2.63 crore shares.
The parent company, One97 Communications, is selling its shares in the price band of Rs 2,080-2,150. The three-day share sale will terminate on 10 November.
Retail investors can bid for a minimum of one lot, which consists of six shares, and bid for a maximum of 15 such lots.
Paytm's IPO comprises of a fresh issue of Rs 8,300 crore, and an offer for sale (OFS) by existing shareholders that is priced at Rs 10,000 crore, as per an NDTV report.
As of 10:15 am on Monday, the Paytm IPO has received subscriptions 0.03 times with retail investors category booked 0.15x, BSE data indicated, as per a Livemint report.
Paytm's IPO is likely to be the largest in the country's history, surpassing Coal India's IPO in 2010, wherein the state-owned company had raised Rs 15,200 crore.
Paytm, as per a statement issued by the company, aims to employ the returns from the IPO for "Growing and strengthening our Paytm ecosystem, including through acquisition of consumers and merchants and providing them with greater access to technology and financial services."
(With inputs from NDTV and Livemint.)
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