Paytm IPO, India’s Biggest Sale, Fully Sold on Final Day
- Company got bids for 1.9 times the shares on offer at 5 p.m.
- Analysts have raised concerns about the firm’s profitability
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Paytm’s $2.5 billion initial public offering was fully subscribed on the last day of India’s biggest share sale, following a relatively slow start as analysts raised concerns about the firm’s profitability.
The digital payments provider received bids for 1.9 times the number of shares on offer as of 5 p.m. in Mumbai, according to data on the stock exchange’s website. While the portion set aside for retail investors was oversubscribed 1.7 times, that for institutional buyers received demand for 2.8 times the shares on sale. Non-institutional investors such as wealthy individuals and companies purchased about 24% of the shares offered to them.