Mumbai: The initial public offering of Rs 18,300-Crore (IPO) for the payment system activated by Pioneer One97 Communications technology, which operates under the PAYTM brand, subscribes to 18% on the first day on Monday.
Paytm IPO will be the biggest in Indian history, beyond the IPO of nearly 15,200 crores for Indian coal launched 11 years ago.
PayTM offerings received a strong response from retail investors with portions provided for this category of 78% subscribing, BSE data shows.
The parts provided for institutional investors subscribe to 6% while parts are provided for non-institutional investors (known as high-net wealth investors, or HNI) subscribe to 2%.
Most applications from investors in these two categories usually come on the last day of offers.
Paytm IPO was launched at a five-year anniversary of the Prime Minister’s demonetization announcement aimed at limiting the use of cash in the economy and also get rid of black money.
Paytm is one of the main beneficiaries of the government’s steps, which was launched on November 8, 2016.
On Wednesday, the company collected Rs 8,235 Crore from an investor anchor clutch which was part of the total mobilization of this IPO.
The majoring in global fund management such as Blackrock, Canadian Pension Plan Investment Council, the Singapore Government and a number of other people have picked up 3.8 shares of crore companies at the top of the ribbon price of Rs 2,080-2,150 for IPO, the company’s release has said.
The offer will be closed on Wednesday.