An analysis on Paytm’s stock market performance
The Hindu
How did Paytm’s shares, after India’s biggest IPO openings to date, subsequently tank on the stock market?
Financial technologies platform and Paytm’s parent company One97 Communications recently came out with India’s largest initial public offer, an ₹18,300 crore share sale that included an offer for sale portion from existing shareholders. While the share sale did raise the intended amount, the subscription frenzy seen in other IPOs was noticeably missing here. And sure enough, the stock tanked 27% on Thursday when it debuted on the stock markets.
Enthusiasm for Paytm’s offer at ₹2,150 per share – valuing the company at about ₹1.5 lakh crore – was relatively less. The retail portion was subscribed 1.62 times. As of 12:31 p.m. on November 23, 2021, the share was trading at ₹1,463.95 compared with the issue price of ₹2,150.
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