India’s Paytm to start trading after $2.5bn IPO – The National
- Date: 18-Nov-2021
- Source: The National
- Sector:Financial Markets
- Country:Middle East
India’s Paytm to start trading after $2.5bn IPO – The National
Indian digital payments company Paytm is set to make its stock market debut on Thursday, after its $2.5 billion initial public offering (IPO), the country's largest, was oversubscribed last week.
Paytm, which counts China's Ant Group and SoftBank among its backers, raised $1.1bn from institutional investors and last week received $2.64bn worth of bids for the remaining shares on offer, or 1.89 times.
The company, headquartered on the outskirts of India's capital New Delhi, has priced its 85.1 million-share issue at the top of the range at 2,150 rupees ($28.92) each. It had flagged a price range of 2,080-2,150 rupees per share for the deal.
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