Paytm has priced its shares at the top of the range for its 183 billion rupee initial public offering (IPO), a prospectus showed on Friday, even though India's largest public issue was received with less enthusiasm than those of other tech firms.
Paytm, a payments company that markets an all-in-one app, priced its 85.1 million-share issue at 2,150 rupees ($28.9) each. It had flagged a price range of 2,080-2,150 rupees per share for the deal.
The success of the IPO is seen as a precursor for more big-ticket public floats to come in the next year.
"It was expected that Paytm would price the deal at the top-end as the company's anchor-allotment was oversubscribed by more than 10-times," said Shifara Samsudeen, Equity Analyst at LightStream Research, who publishes on research platform Smartkarma.
The company, formally known as One97 Communications, which had already raised $1.1bn from anchor investors, has received $2.64bn worth of bids for the remaining 48.4 million shares on offer, or 1.89 times, according to stock exchange data published on Wednesday.
Paytm, which offers a range of services from banking, shopping, movie, and travel ticketing to gaming, is expected to make its debut on Indian bourses on November 18, the company said in its prospectus.
"Paytm's valuation is expensive but we think there will be some listing gains," Ms Samsudeen said.
Paytm is backed by big investors like Ant Group and SoftBank's Vision Fund and its anchor investors included big names like BlackRock and Canada Pension Plan Investment Board.
"Qualified institutional buyers that have bought into the company know what they are investing in, they will not create panic on day one. They are not looking for one-day gains," said Arun Kejriwal, founder of an independent research firm.
Marquee investors are trimming their stakes via the IPO. Ant Group, which had a 28 per cent holding in Paytm, is selling shares worth 47.04bn rupees and will be left with a 23 per cent stake. SoftBank's Vision Fund is cutting its stake by 2.5 percentage points to 16 per cent with a 16.89bn rupee share sale.
UAE currency: the story behind the money in your pockets
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
BRAZIL%20SQUAD
%3Cp%3EGoalkeepers%3A%20Alisson%2C%20Ederson%2C%20Weverton%3Cbr%3E%3Cbr%3EDefenders%3A%20Dani%20Alves%2C%20Marquinhos%2C%20Thiago%20Silva%2C%20Eder%20Militao%20%2C%20Danilo%2C%20Alex%20Sandro%2C%20Alex%20Telles%2C%20Bremer.%3Cbr%3E%3Cbr%3EMidfielders%3A%20Casemiro%2C%20Fred%2C%20Fabinho%2C%20Bruno%20Guimaraes%2C%20Lucas%20Paqueta%2C%20Everton%20Ribeiro.%3Cbr%3E%3Cbr%3EForwards%3A%20Neymar%2C%20Vinicius%20Junior%2C%20Richarlison%2C%20Raphinha%2C%20Antony%2C%20Gabriel%20Jesus%2C%20Gabriel%20Martinelli%2C%20Pedro%2C%20Rodrygo%3C%2Fp%3E%0A
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
SERIE A FIXTURES
Saturday (UAE kick-off times)
Atalanta v Juventus (6pm)
AC Milan v Napoli (9pm)
Torino v Inter Milan (11.45pm)
Sunday
Bologna v Parma (3.30pm)
Sassuolo v Lazio (6pm)
Roma v Brescia (6pm)
Verona v Fiorentina (6pm)
Sampdoria v Udinese (9pm)
Lecce v Cagliari (11.45pm)
Monday
SPAL v Genoa (11.45pm)
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
