India's largest IPO Paytm will get a marketwide verdict today as it lists on the exchanges. The Ant Group backed payment merchant raised Rs 18,300 cr from the market but saw tepid demand the first two days as profitability and competition remained the key concerns.
The grey market price for the shares ahead of the listing was at a Rs 20 discount to the issue price of Rs 2150/share.
Paytm, which counts China's 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.