Paytm IPO, India’s largest, crawls towards full subscription on Day 3

Indian fintech firm Paytm’s initial public offering of up to Rs 18,300 crore crawled towards a full subscription in the final hours of its issue period on Wednesday, signalling tepid demand for the country’s largest stock market listing.

As of 1:30 IST, Paytm’s offer of 48.3 million shares had received 55.9 million bids, according to stock exchange data.

Institutional investors bid for 1.88 times the shares reserved for them, while retail investors subscribed for 1.5 times the shares on offer.

The lacklustre response stood in sharp contrast to the strong demand for other Indian start-ups like food delivery firm Zomato and e-commerce beauty platform FSN E-Commerce Ventures (Nykaa), which investors snapped up during the issue period and saw stellar market debuts.