Sunday 28 November 2021
Paytm IPO: India’s largest fintech IPO in 2021
November 18, 2021 | By - Neelam Motwani

Paytm IPO: India’s largest fintech IPO in 2021

The parent company of India’s largest digital payment platform Paytm, One97 Communication, made its debut on the Indian stock exchange today. The shares were initially seen trading at INR1,955 on the Bombay Stock Exchange at Paytm IPO. The trading price was 9% lower than the issued price of INR2.150. The shares on National Stock Exchange (NSE) were listed at INR1,950.

Paytm IPO: Biggest IPO in India’s corporate history

Paytm IPO is known to be the biggest offering in the country’s corporate history with the share price band of INR 2,080-2,50 per share. The value of the company now stands at INR1.39 trillion (INR1.39 lakh crore) at the upper end of the price band. Paytm broke the record of Coal India Limited and became the largest fintech IPO in the Asia Pacific region with INR183 billion share sale via the issue.
Paytm’s initial public offering (IPO) is also the world’s second-largest fintech IPO in 2021. Paytm did not have the world’s fourth-largest fintech stock launch.

Paytm
Blue-chip investors such as Blackrock, Canada Pension Plan Investment Board, GIC, ADIA, APG, City of New York, Texas Teachers Retirement, NPS Japan, University of Texas, NTUC Pension out of Singapore, University of Cambridge, and others participated in Paytm. The 87 lakh shares earmarked for retail investors were snapped up in 1.66 seconds.
Paytm’s initial public offering (IPO) included a new issue of equity shares worth INR 83 billion and an offer for sale (OFS) of up to INR 100 billion.
Vijay Shekhar Sharma, the company’s founder, sold shares worth up to INR4.02 billion as part of the OFS. 75% of the offer was set aside for QIBs, 15% for non-institutional investors, and the remaining 10% for regular investors.
One97 Communications, founded in 2000, is India’s premier digital ecosystem for consumers and merchants. It provides consumers with a variety of services, including payment and financial services. According to Forbes, Paytm’s success has made creator Vijay Shekhar Sharma, a schoolteacher’s son, a billionaire with a net worth of USD2.4 billion. In a country where the per capita income is less than USD2,000, its IPO has created hundreds of new billionaires. For more information about the IPO and other financial updates, keep reading AlShorts, short news in 30 seconds.

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