Paytm’s shares climb for second day in a row

Digital payment platform Paytm’s shares climbed for a second day on Wednesday after a weak market debut. Paytm’s shares rose as much as 12.7% but it is still down more than 20% from its offer price, news agency Bloomberg tweeted. The stock rose up to 17.24% at the closing session.

One97 Communications Ltd raised $2.5 billion in the nation’s largest-ever IPO with major institutional investors such as BlackRock Inc. and Canada Pension Plan Investment Board as its key investors. Paytm’s shares sank 27% last Thursday making it one of the worst debuts in recent time. Paytm’s shares saw nearly a 10% surge on Tuesday. Paytm’s IPO was oversubscribed 1.89 times earlier this month.

Gaurav Garg, head of research at Indore-based CapitalVia Global Research Ltd, attributed the jump to value buying while speaking to Bloomberg. He also said that the stock may stabilize between 1,600 rupees and 1,800 rupees in the short term.