India’s Paytm prices stock at top of range in $2.5 billion IPO

Paytm has priced its shares at the top of the range for its 183 billion rupee initial public offering (IPO), a prospectus showed on Friday, even though India’s largest public issue was received with less enthusiasm than those of other tech firms.

Paytm, a payments company that markets an all-in-one app, priced its 85.1 million-share issue at 2,150 rupees ($28.9) each. It had flagged a price range of 2,080-2,150 rupees per share for the deal.

The success of the IPO is seen as a precursor for more big-ticket public floats to come in the next year.

“It was expected that Paytm would price the deal at the top-end as the company’s anchor-allotment was oversubscribed by more than 10-times,” said Shifara Samsudeen, Equity Analyst at LightStream Research, who publishes on research platform Smartkarma.