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Paytm makes weak debut, shares list at 9% discount to issue price

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The market debut of the One97 stock comes after the Paytm IPO was subscribed an overall 1.9 times the shares on offer. The Paytm IPO -- the biggest public offer of all time in India -- saw a tepid response from investors, with the portion reserved for non-institutional investors (NIIs) subscribed 24 percent and that for retail investors 1.6 times.

Paytm makes weak debut, shares list at 9% discount to issue price
Paytm, owned by One97 Communications, made a weak debut in the secondary market on Thursday, November 18, as its shares listed at a discount to the issue price of its IPO. On the Bombay Stock Exchange (BSE), Paytm shares opened for the first time at Rs 1,955, a discount of 9.1 percent to the issue price of Rs 2,150. On the National Stock Exchange (NSE), the One97 stock began its journey at Rs 1,950, a discount of 9.3 percent.
The market debut of the One97 stock comes after the Paytm IPO was subscribed an overall 1.9 times the shares on offer. The Paytm IPO - the biggest public offer of all time in India - saw a tepid response from investors, with the portion reserved for non-institutional investors (NIIs) subscribed 24 percent and that for retail investors 1.6 times.
Paytm shares had slipped into discount from a marginal premium in the grey market ahead of the listing. (Check out Paytm GMP trend)

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Ahead of Paytm's much-awaited debut, Paytm Founder and CEO Vijay Shekhar Sharma tweeted: "Man, I can feel for our cricket team! So many messages, wishes, & kind words. Feels like carrying the hopes and aspirations of young India to the Stock Market. From coal to fintech, in 11 years - India has transformed. To every Paytmer, you’ve changed India for good."


Macquarie initiated coverage on Paytm with an 'underperform' rating and a target price of Rs 1,200. "Dabbling in multiple business lines inhibits Paytm from being a category leader in any business except wallets, which are becoming inconsequential with the meteoric rise in UPI payments," the brokerage said.
It also said that competition and regulation will drive down unit economics and/or growth prospects in the medium term, and unless Paytm lends, it can’t make significant money by merely being a distributor.
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