{"id":123099,"date":"2021-11-18T00:27:31","date_gmt":"2021-11-18T00:27:31","guid":{"rendered":"https:\/\/fin2me.com\/?p=123099"},"modified":"2021-11-18T00:27:31","modified_gmt":"2021-11-18T00:27:31","slug":"indias-paytm-set-for-trading-debut-after-2-5-billion-ipo","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/indias-paytm-set-for-trading-debut-after-2-5-billion-ipo\/","title":{"rendered":"India's Paytm set for trading debut after $2.5 billion IPO"},"content":{"rendered":"
FILE PHOTO: The interface of Indian payments app Paytm is seen in front of its logo displayed in this illustration picture taken July 7, 2021. REUTERS\/Florence Lo\/Illustration\/File Photo<\/figcaption>

NEW DELHI (Reuters) – Indian digital payments company Paytm is set to make its stock market debut on Thursday, after its $2.5 billion initial public offering (IPO), India\u2019s largest, was oversubscribed last week.<\/p>\n

Paytm, which counts China\u2019s Ant Group and SoftBank among its backers, raised $1.1 billion from institutional investors and last week received $2.64 billion worth of bids for the remaining shares on offer, or 1.89 times.<\/p>\n

The company, headquartered on the outskirts of India\u2019s capital New Delhi, has priced its 85.1 million-share issue at the top of the range at 2,150 rupees ($28.92) each. It had flagged a price range of 2,080-2,150 rupees per share for the deal.<\/p>\n

Some market analysts said they expected the shares to nudge higher on their debut despite Paytm\u2019s expensive valuation.<\/p>\n

Engineering graduate Vijay Shekhar Sharma founded Paytm in 2010 as a platform for mobile recharges. The company grew quickly after ride-hailing firm Uber listed it as a quick payment option in India and its use swelled further in late 2016 when New Delhi\u2019s shock ban on high-value currency notes boosted digital payments.<\/p>\n

Paytm\u2019s success has turned Sharma, a school teacher\u2019s son, into a billionaire with a net worth of $2.4 billion according to Forbes. Its IPO has also minted hundreds of new millionaires in a country where per capita income is below $2,000.<\/p>\n

($1 = 74.3550 Indian rupees)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: The interface of Indian payments app Paytm is seen in front of its logo displayed in this illustration picture taken July 7, 2021. 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