Paytm made a weak debut on Dalal Street with One97 shares listing at a discount of nine percent on the bourses. The muted entry of Paytm — owned by One97 Communications — in the secondary market comes after its IPO, though fully subscribed, failed to attract the kind of investor response enjoyed by many companies in recent times. The Paytm IPO is the biggest of all time in India.
Its shares listed on stock exchanges at a discount of around nine percent to its issue price. One97 Communications — the parent of digital payments platform Paytm — joins the club of India's biggest public offers, most of which failed to reward investors with positive returns.
Five out of India's six other mega IPOs — the likes of Coal India, Reliance Power and GIC — have burned investors' money since the listing day. The stock of Reliance Power, for instance, has tumbled 95 percent since the electric utility's debut on Dalal Street in February 2008. (A complete list of India's biggest IPOs)
Here's a list of mega IPOs that have proven to be duds for investors:
|Company||Size (in crore rupees)||Subscription (No. of times)||Change (%) since listing|
|New India Assurance||9,600||1.2||-58|
(Edited by : Ajay Vaishnav)