Fintech firm Paytm’s initial public offering (IPO) of up to 183 billion rupees ($2.47 billion) was subscribed 48 percent on the second day of the issue period, receiving bids for 23.5 million shares, stock exchange data showed on Tuesday.
Earlier in the day, Canada Pension Plan Investment Board put in an order for about 6 million shares in the main book, a source told Reuters. At the higher end of the price band, this translates to about 12.8 billion rupees.
Paytm has put 48.3 million shares for sale in what is expected to be India’s largest stock market listing.
Ant Group-backed Paytm said last week it allocated shares worth 82.35 billion rupees to more than 100 institutional investors, including the government of Singapore, BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority.
Paytm is looking to raise roughly $2.2 billion via the IPO at a valuation of $20 billion.
The bids close on Wednesday and Paytm will list on Indian bourses on Nov. 18.
Top investor Ant Financial, which owns 27.9 percent of Paytm, plans to sell shares worth 47.04 billion rupees.
