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Paytm’s dismal initial public offering (IPO) and its subsequent listing debacle has failed to slam the brakes on fresh issuances hitting the market this year.
The IPO of One97 Communications — the parent company of Paytm — hit the market on November 8 and garnered an overall subscription of 1.89x the shares on offer. The qualified institutional buyer portion was subscribed 2.79x, while the retail portion was subscribed 1.66x. The portion reserved for wealthy investors did not get fully subscribed.
The company subsequently listed on the bourses, but tanked 27 per cent from its issue price of Rs 2,150 on Day One.
