India’s Paytm prices stock at top of range in $2.5 billion IPO

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FILE PHOTO: The interface of Indian payments app Paytm is seen in front of the logo displayed in this image taken on July 7, 2021. Businesshala/Florence Low/Illustration
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NEW DELHI (Businesshala) – India’s Paytm has priced its shares at Rs 2,150 ($28.9), the top of its price range, in its Rs 183 billion initial public offering (IPO), a prospectus showed on Friday. has gone.

Paytm, a payments company that markets an all-in-one app, had fixed a price range of Rs 2,080-2,150 per share for the deal.

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The IPO is the biggest ever in India and the success of the deal is being seen as a harbinger of more big public appearances next year.

The company, formally known as One97 Communications, which had already raised $1.1 billion from anchor investors, received bids worth $2.64 billion for the remaining 48.4 million shares, according to stock exchange data published Wednesday. , or 1.89 times.

Big investors are reducing their stake through IPO. Ant Group, which had a 28% stake in Paytm, is selling shares worth Rs 47.04 billion and will be left with a 23% stake.

SoftBank’s Vision Fund is reducing its stake by 2.5 percentage points to 16 per cent with a share sale of Rs 16.89 billion.

Reporting by Chris Thomas in Bengaluru and Scott Murdoch in Hong Kong; Editing by Rashmi Aichi

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