Paytm set for trading debut on Thursday after $2.5 bn IPO
New Delhi: Indian digital payments company Paytm is set to make its stock market debut on Thursday, after its $2.5 billion initial public offering (IPO), India's largest, was oversubscribed last week.
Paytm, which counts China's Ant Group and SoftBank among its backers, raised $1.1 billion from institutional investors and last week received $2.64 billion worth of bids for the remaining shares on offer, or 1.89 times.
The company, headquartered on the outskirts of New Delhi, has priced its 85.1 million-share issue at the top of the range at ₹ 2,150 ($28.92) each. It had flagged a price range of ₹ 2,080-2,150 per share for the deal.
Some market analysts said they expected the shares to nudge higher on their debut despite Paytm's expensive valuation.Reuters