New Delhi Nov 18 PTI Shares of One97 Communications Ltd Paytms parent company on Thursday made a weak market debut and tumbled over 27 per cent during the day from the issue price of Rs 2150 The stock was listed at Rs 1955 slipping 9 per cent from the issue price on the BSE It then tumbled 2725 per cent to Rs 1564 during the day On the NSE it debuted at Rs 1950 registering a decline of 930 per cent against the issue price During the day the stock plunged 2734 per cent to Rs 1562 Paytm the biggest IPO in India so far debuted the secondary market on a weaker note as compared to our expectations of a flat listing Santosh Meena Head of Research Swastika Investmart Ltd said The company commanded a market valuation of Rs 10148400 crore in late afternoon trade on the BSE Ant Group-backed Paytms Rs 18300 crore IPO was oversubscribed 189 times on the last day of Indias biggest share sale last week This was greater than miner Coal Indias Rs 15000 crore offer a decade back Paytm formally called One97 Communications debuts today at exchanges which saw a dull response and got subscribed only 189 times from the investors which is much lower compared to the other recently listed companies Parth Nyati Founder Tradingo said He added that they feel that due to the brand the company sought high valuation and it might see a correction in the near term The initial public offering of Paytms parent company One97 Communications Ltd received bids for 914 crore equity shares against the offer size of 483 crore shares according to information available with stock exchanges on November 10 Paytm had fixed its IPO in a price band of Rs 2080-2150 per share Incorporated in 2000 One97 Communications is Indias leading digital ecosystem for consumers and merchants It offers a range of services including payment services and financial services Launched by a son of a school teacher from a small town Aligarh nearly a decade ago as a platform for cellular recharging Paytm grew rapidly after ride-hailing agency Uber listed it as a fast cost possibility PTI SUM SHW SHW
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