Paytm’s parent company One97 Communications Ltd posted a market valuation of Rs 1,01,484.00 crore in afternoon trade on BSE.
Shares of Paytm’s parent company One97 Communications Ltd made a weak start in the market on November 18 and fell over 27% from the issue price of Rs 2,150 during the day. The stock was listed at ₹1,955 on BSE, slipping 9% from the issue price. Then it fell 27.25% to ₹1,564 during the day.
On NSE, it opened at ₹1,950, registering a decline of 9.30% against the issue price. During the day, the stock fell 27.34% to ₹1,562.
Santosh Meena, Head of Research, Swastika Investmart Ltd. said, “Paytm, the biggest ever IPO in India, opened in the secondary market on a weaker note than our expectations of flat listings.”
The company posted a market valuation of Rs 1,01,484.00 crore in afternoon trade on BSE.
Ant Group-backed Paytm’s ₹18,300 crore IPO was oversubscribed 1.89 times on the last day of India’s biggest share sale last week. This was higher than the ₹15,000 crore offer from Minor Coal India a decade ago.
Partha Nyati, Founder, Tradingo said, “Paytm was formally launched on the exchanges by One97 Communications today, which witnessed sluggish response and subscribed only 1.89 times from investors, which is much lower than the recently listed companies. “
He said he feels that the brand has led the company to demand higher valuations and may see an improvement in the near term.
As per information available with stock exchanges on November 10, the initial public offering of Paytm’s parent company One97 Communications Limited received bids for 9.14 crore equity shares against an offer size of 4.83 crore shares.
Paytm had fixed its IPO in the price band of ₹2,080-2,150 per share. Incorporated in 2000, One97 Communications is India’s leading digital ecosystem for consumers and merchants.
It provides a wide range of services, including payment services and financial services.
Launched nearly a decade ago as a platform for cellular recharging by a school teacher’s son from a small-town Aligarh, Paytm grew rapidly when ride-hailing agency Uber listed it as a fast cost prospect. did.
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