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Digital payments company Paytm operator One97 Communications made a disappointing debut on the D-Street today (November 18, 2021). On the BSE, Paytm shares listed at a price of Rs. 1955, a discount of 9.1 percent in comparison to the IPO issue price of Rs. 2150. On the NSE, the stock debuted at a price of Rs. 1950, a discount of 9.3 percent.
The largest-ever Rs. 18300 crore IPO issue as against high expectations garnered lukewarm response and was subscribed 1.89 times during the issue offer period between November 8-10 largely because of lower than expected participation of the QIB and HNI categories.
Before the keenly watched Paytm debut, the company's founder and CEO Paytm Founder and CEO Vijay Shekhar Sharma in a tweet said, "Man, I can feel for our cricket team! So many messages, wishes, & kind words. Feels like carrying the hopes and aspirations of young India to the Stock Market. From coal to a fintech, in 11 years - India has transformed. To every Paytmer, you've changed India for good."
Given the declining grey market premium just ahead of the listing, tepid response to the issue, high valuations, experts anticipated the digital payments company to make a weak debut.
At around 10:31 am, the stock of One97 declined further to Rs. 1700, down over 20%
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