India’s Paytm has priced its shares at Rs. 2,150 each, the top of its price range, in its Rs. 18,300 crore initial public offering (IPO), a prospectus showed on Friday.

Paytm, a payments company that markets an all-in-one app, had flagged a price range of Rs. 2,080-2,150 per share for the deal.

The IPO is the largest ever in India and the success of the deal is seen as a precursor for more big ticket public floats to come in the next year.

The company, formally known as One97 Communications, which had already raised $1.1 billion (roughly Rs. 8,191 crore) from anchor investors, has received $2.64 billion (roughly Rs. 19,658 crore) worth of bids for the remaining 48.4 million shares on offer, or 1.89 times, according to stock exchange data published on Wednesday.

Marquee investors are trimming their stakes via the IPO. Ant Group, which had a 28 percent holding in Paytm, is selling shares worth Rs. 4,704 crore and will be left with a 23 percent stake.

SoftBank’s Vision Fund is cutting its stake by 2.5 percentage points to 16 percent with a Rs. 1,689 crore share sale.

© Thomson Reuters 2021

Disclosure: Paytm’s parent company One97 is an investor in NDTV’s Gadgets 360.

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