New Delhi | Jagran Business Desk: Paytm's Initial Public Offer, IPO for Rs 18,300 is the country's largest public issue till date has been subscribed by 18 percent on the first day of bidding on Monday. The company has priced its shares in a price band of Rs 2,080-2,150 per share, valuing the company at Rs 1.39 lakh crore at the upper end of the price band. The share sale will close on November 10.

The initial public offering of Paytm's parent company, One97 Communications Ltd received bids for 88.23 lakh equity shares against the offered size of 4.83 crore shares, according to information available from stock exchanges.

The portion set aside for retail investors has been subscribed 78 per cent, while the reserved portion of non-institutional investors was subscribed 2 per cent, and qualified institutional buyers have put in bids for 16.78 lakh shares against 2.63 crore shares set aside for them.

The record-setting IPO has received a mixed response from analysts, with some calling it a good bet to rid India's fintech wave and others pointing at expensive pricing.

The company has planned to use funds generated from the IPO to grow and strengthen the Paytm ecosystem, including through the acquisition and retention of consumers and merchants and providing them with greater access to technology and financial services.

Paytm has set aside 75 per cent of the offer for qualified institutional buyers, 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors.

Other tech IPOs such as those of Nykaa and Zomato Ltd had received stronger investor demand on their opening days but they were much smaller compared to Paytm's share sales.

Paytm's share allotment is likely to take place on November 15, and the shares are expected to be listed on November 18 and offer comprises a fresh issue of equity shares worth Rs 8,300 crore and an offer for sale (OFS) of shares worth up to Rs 10,000 crore.

Incorporated in 2000, One97 Communications is India's leading digital ecosystem for consumers and merchants. It offers a range of services to the users - payment services and financial services.

(With PTI Inputs)

Posted By: Ashita Singh