Paytm shares make weak debut; tumble over 27% during day trade


The Hindu

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


Paytm shares make weak debut; tumble over 27% during day trade

Shares of One97 Communications Ltd, Paytm’s parent company, on November 18 made a weak market debut and tumbled over 27% during the day from the issue price of ₹2,150. The stock was listed at ₹1,955, slipping 9% from the issue price on the BSE. It then tumbled 27.25% to ₹1,564 during the day.

On the NSE, it debuted at ₹1,950, registering a decline of 9.30% against the issue price. During the day, the stock plunged 27.34% to ₹1,562. “Paytm, the biggest IPO in India so far, debuted the secondary market on a weaker note as compared to our expectations of a flat listing,” Santosh Meena, head of research, Swastika Investmart Ltd., said.

The company commanded a market valuation of ₹1,01,484.00 crore in late afternoon trade on the 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 greater than miner Coal India’s ₹15,000 crore offer a decade back.

Paytm founder and CEO Vijay Shekhar Sharma breaks down while delivering a speech during his company’s IPO listing ceremony at the Bombay Stock Exchange in Mumbai on November 18, 2021.

“Paytm, formally called One97 Communications debuts today at exchanges which saw a dull response and got subscribed only 1.89 times from the investors, which is much lower compared to the other recently listed companies,” Parth Nyati, founder, Tradingo said.

He added that they feel that due to the brand the company sought high valuation and it might see a correction in the near term.

The initial public offering of Paytm’s parent company One97 Communications Ltd. received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares, according to information available with stock exchanges on November 10.

Paytm had fixed its IPO in a 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 offers a range of services, including payment services and financial services.

Launched by a son of a school teacher from a small town Aligarh nearly a decade ago as a platform for cellular recharging, Paytm grew rapidly after ride-hailing agency Uber listed it as a fast cost possibility.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Udupi: Traffic congestion and dangers to pedestria
View More

Rozaricho Gaanch - Mount Rosary January 2022Rozaricho Gaanch - Mount Rosary January 2022
Milarchi Lara - Milagres Cathedral - January 2022Milarchi Lara - Milagres Cathedral - January 2022
Remembrance Mass Of Benedict Philip D’souza | LIVE From KemmannuRemembrance Mass Of Benedict Philip D’souza | LIVE From Kemmannu
New Year Mass by Bishop Oswald Lewis/Adoration and Felicitation | 2022 | LIVE From Kemmannu,Udupi.New Year Mass by Bishop Oswald Lewis/Adoration and Felicitation | 2022 | LIVE From Kemmannu,Udupi.
Vivek weds Lavina | LIVE From Brahmavar Sports Club Ground | ReceptionVivek weds Lavina | LIVE From Brahmavar Sports Club Ground | Reception
Two plots for Sale Near Nejar Water Tank, 1 km to Santhekatte, Kallianpura.Two plots for Sale Near Nejar Water Tank, 1 km to Santhekatte, Kallianpura
Rozaricho Gaanch September Issue 2021Rozaricho Gaanch September Issue 2021
Land/Houses for Sale in Kaup, Manipal, Kallianpur, Santhekatte, Uppor, Nejar, Kemmannu, Malpe, Ambalpady.Land/Houses  for Sale in Kaup, Manipal, Kallianpur, Santhekatte, Uppor, Nejar, Kemmannu, Malpe, Ambalpady.
Contact on Going Residential ProjectAl Nayaab Residency, UdupiContact on Going Residential ProjectAl Nayaab Residency, Udupi
Choice Furniture vast household showroom opens at Santhekatte, KallianpurChoice Furniture vast household showroom opens at Santhekatte, Kallianpur
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi