BENGALURU (Reuters) – Indian fintech firm Paytm’s initial public offering (IPO) of up to 183 billion rupees ($2.47 billion) was subscribed 48% on the second day of the issue period, receiving bids for 23.5 million shares, stock exchange data showed on Tuesday. Earlier in the day, Canada Pension Plan Investment Board put in an order for about 6 million shares in the main book, a source told Reuters. At the higher end of the price band, this translates to about 12.8 billion rupees. Paytm has put 48.3 million shares for sale in what is expected to be India’s largest stock market listing, surging past miner Coal India’s 150 billion rupees IPO more than a decade ago. Ant Group-backed Paytm said last week it allocated shares worth 82.35 billion rupees to more than 100 institutional investors, including the government of Singapore, BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority. Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled in 2016 when a ban on high-value currency bank notes in India boosted digital payments. Paytm’s offering opened for retail… Read full this story
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