Digital payment company Paytm's initial public offering (IPO) worth Rs 18,300 crore was fully subscribed by the noon on Wednesday, 10 November – the final day of bidding.
Paytm IPO was subscribed 1.22 times by 1:45 pm on Wednesday, NDTV reported, citing data from National Stock Exchange. The company received over 5.89 crore bids for the 4.83 crore shares it had offered.
Qualified institutional buyers (QIBs), which include investors like financial institutions, banks, and foreign institutional investors, had the largest number of shares reserved for them at 2.63 crore, as per the The Business Standard. Against this, 4.18 crore bids were received by QIBs by Wednesday.
More About Paytm's IPO
Paytm on Monday had opened subscriptions for its share sale via IPO – the country's biggest ever.
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.
The parent company, One97 Communications, was selling its shares in the price band of Rs 2,080-2,150. The three-day share sale terminated on 10 November.
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 The Business Standard)
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)