Paytm IPO kicks off with investors subscribing to 78% of their quota

The mega Paytm IPO kicked off on Monday with retail investors subscribing to 78 per cent of their quota.

One97 Communications, the parent of Paytm, plans to raise a mammoth Rs 18,300 crore through the initial public offer, which is India’s largest since Coal India’s Rs15,000-crore offer in 2010. The issue is remain open till November 10.

The IPO is expected to value One97 Communications at $20 billion (about Rs 1.5 lakh crore). At that level, it will rank around 30th in terms of market capitalisation of all stocks trading on the National Stock Exchange — just below Tata Steel and Tech Mahindra but above Adani Ports and Special Economic Zone Ltd.