Paytm finds buyers, but no blow-out demand in India’s largest IPO

Paytm’s $2.5 billion initial public offering (IPO), India’s largest, was oversubscribed at the close of bidding on Wednesday, although investors showed less enthusiasm than for some other tech firms that have ridden the country’s IPO boom.

The company, which had already raised $1.1 billion from anchor investors, received $2.64 billion worth of bids for the remaining shares on offer, or 1.89 times the total, according to stock exchange data.

Institutional investors bid for 2.79 times the shares reserved for them, while retail investors bid for 1.66 times.