Indian fintech company Paytm’s initial public offering (IPO) is as high as Rs. Data from the stock exchange on Tuesday showed that on the second day of the issuance period, the subscription rate for 183 billion shares was 48%, and 23.5 million shares were tendered. A source told Reuters that earlier in the day, the Canadian Pension Plan Investment Board ordered about 6 million major shares. At the high end of the price range, this translates to approximately Rs. 1,280 million.
Paytm has sold 48.3 million shares in India’s largest stock market, which is expected to be listed, an increase of more than mining company Coal India’s rupee. More than a decade ago, the initial public offering was 15,000 trillion US dollars. Paytm, backed by Ant Group, said last week that it allocated shares worth Rs. Provided 8,235 crore to more than 100 institutional investors, including the Singapore government, BlackRock Global Fund, Canadian Pension Plan Investment Commission and Abu Dhabi Investment Authority.
Paytm was launched as a mobile top-up platform ten years ago. After the ride-hailing company Uber listed it as a fast payment option, Paytm has developed rapidly. When India banned the use of high-value banknotes in 2016, its use surged, driving digital payments. The issuance of Paytm was opened to retail investors on November 8, the day when Indian Prime Minister Narendra Modi announced a currency ban or monetization five years ago. Founder and CEO Vijay Shehar Sharma then welcomed Modi’s move, calling it “the biggest and boldest move.” And the most ambitious surgical strike of any government in the world.” A year ago, Sharma, the son of a teacher from a small city in Uttar Pradesh, India’s most populous state, won the support of Chinese billionaire Jack Ma’s Ant Financial for Paytm.
Over the years, Sharma, who often praised Jack Ma and took photos with him, continued to win other big investors for his company, including SoftBank and Berkshire Hathaway. These equity sales helped him obtain a net worth of US$2.4 billion (approximately Rs 17,806 crore, according to Forbes).
On Monday, when Paytm opened its bid, Sharma visited an ancient Hindu shrine in southern India and posted a photo on Twitter. “I am here to seek God’s blessing for all Paytm families,” Sharma said. Paytm hopes to raise approximately US$2.2 billion (approximately Rs 16,322 crore) through an IPO at a valuation of US$20 billion (approximately Rs 148,396 crore). The bidding will end on Wednesday, and Paytm will be listed on the Indian Stock Exchange on November 18.
News Source : Gadgets 360
