One 97 Communications Limited, the company which own the brand Paytm saw its IPO subscribed 1.95 times. The company had tapped the capital markets with its fresh issue to raise Rs 8,300 crs and an offer for sale of Rs 10,000. The total issue size was Rs 18,300 crs making it the largest issue ever to hit the Indian Capital Markets. The price band was Rs 2,080-2,150.
The discovered price on BSE was Rs 1,955 at which price 91,232 shares were traded. On NSE, the discovered price was 1,950 at which price 19,94,493 shares were traded. Approximately 20.85 lac shares were traded at the discovered price on the two exchanges combined.
The company had earlier completed allocation to anchor investors and allotted 3,83,02,326 shares at Rs 2,150 to 122 entities. The anchor allocation raised Rs 8,235 crs. The highest allocation was made to Canada Pension Plan Investment Board who was allotted 43,61,964 shares or 11.4% of the anchor allocation. This was followed by Blackrock Global Funds who were allotted 40,38,030 shares or 10.5% of the anchor allocation. Four domestic mutual funds were allotted 48,85,386 equity shares or 12.8% of the anchor book. These were Aditya Birla, HDFC, Mirae Asset and BNP Paribas. The top two anchor investors were allotted 21.9% of the anchor book.
The QIB portion was subscribed 2.88 times, HNI portion was subscribed 0.25 times and Retail portion was subscribed 1.72 times. The overall issue was subscribed 1.95 times. There were 14.40 lac applications.
The high of the day on BSE was Rs 1,961.05, the low was Rs 1,564 and the close was Rs 1,564.15. The loss was Rs 585.85 or 27.25%. On NSE, the high of the day was Rs 1,955, low was Rs 1,560 and the close was Rs 1,560.80 a loss of Rs 589.20 or 27.40%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 1955.00 | 1961.05 | 1564.00 | 1564.15 | -585.85 | -27.25 | 1714.06 | 1006207 | 460540 | 45.77 |
| NSE | 1950.00 | 1955.00 | 1560.00 | 1560.80 | -589.20 | 27.40 | 1706.08 | 23955434 | 10254669 | 42.81 |
| Total | 24961641 | 10715209 | 42.93 |
The traded volume on the two exchanges combined was 249.61 lac shares which was 0.29 times the IPO size of 851.16 lac shares and 0.53 times the non-anchor portion of 468.13 lac shares. Delivery volume was 107.15 lac shares which was 42.93% of the traded volume. It was 12.59% of the issue size and 22.89% of the non-anchor portion. The weighted average of the day’s trade was Rs 1,714.06 on BSE and Rs 1,706.08 on NSE.
In terms of institutional or bulk trade, none were reported on either BSE or NSE.
There was selling pressure witnessed on day one on the share as the closing price was significantly lower than the weighted average. The share was at the lower circuit on both exchanges for the last half hour or so of the day. The delivery volumes have been quite poor at just about 23% of the non-anchor portion.
FPI’s were net sellers to the tune of Rs 4,000 crs on Thursday and considering that the delivery volume on Paytm was about 107 lacs or Rs 1830 crs, there would have been some purchases from FPI’s on this counter. Taking this into consideration, it means that FPI’s were even more aggressive sellers on Thursday than the figure suggests.
In conclusion, the listing was below expectations and this would be a setback not only for the new age technology companies but also for the primary market in general.
