Paytm and Sapphire Foods (owner of KFC) will make their debut on the stocks exchanges today
The country needs 100 million jobs in the formal sector in the next ten years to take advantage of its demographic dividend, industry says. More on that in our morning briefing.
'My dream is to take the Paytm flag to San Francisco, New York, London,' says businessman estimated to be worth $2.4 billion.
The institutional investor portion of the IPO was subscribed 2.8 times but nearly 80% of the bids came from overseas investors
A rallying stock market helped spur multiple technology unicorns to list in India this since January, with proceeds raised in new-share sales at over $12 billion, already a record for a full-year.
Paytm is likely to allocate shares at the upper price band of Rs 2,150 apiece on November 16 after SEBI's approval that is expected to come on Monday
The success of the IPO is seen as a precursor for more big-ticket public floats to come in the next year
IPO receives bids worth Rs 1.1 trn, nearly 6x more than Paytm
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About 350 current and ex-employees will each have a net worth of at least Rs 1 crore after Paytm's $2.5 billion IPO, a source in the company told Reuters
Indian startups are not overpriced and "many are underestimating what India's opportunity will be," Vijay Shekhar Sharma, founder and Chief Executive Officer of Paytm said
The shares of Paytm are expected to list on bourses on November 18
Latest Live news: Paytm's IPO, India's largest, is oversubscribed although investors showed less enthusiasm than for some other tech firms' offerings.
Market experts said domestic investors shunned the IPO as a high-risk bet
Institutional investors bid for 2.79 times the shares reserved for them, while retail investors bid for 1.66 times
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Debutant Nykaa almost doubled from its issue price of Rs 1,125 at the day's high of Rs 2,248, and finally ended with a 96 per cent premium over its issue price
Institutional investors bid for 1.88 times the shares reserved for them, while retail investors subscribed for 1.5 times the shares on offer
Foreign institutional investors (FIIs) sought 4.17 crore shares as against 2.63 crore shares reserved for QIBs.
Paytm's offer of 48.3 million shares had received 3.3 million bids by 01: 00 PM GMT, according to stock exchange data