Paytm anchor investors may buy 46% of shares on offer

Mumbai: Paytm has wrapped up nearly half of the Rs 18,300-crore issuance through anchor investors. The anchor book, which will open and close on November 3, is likely to have a size of 8,300 crore, which is around 46% of the issue size.
According to sources, bankers have received commitments for the entire anchor portion. These include several first-time India investors who want to be part of the anchor issue. In terms of the offer, shares will be offered in a price band of Rs 2,080-2,150 with a bid lot of six shares or multiples of six thereafter. The anchor investors can pick up to 60% of the issue, while retail investors can get up to 10% of the offer.
The issue is set to be not just India’s biggest but also the largest from a tech company offering outside the US markets. One97 Communications, the parent company of Paytm, is positioning itself as a tech services platform rather than a financial services company. Addressing a press conference on the launch of the company’s IPO, founder Vijay Shekhar Sharma said that the company has no intention of getting into the lending business.