Shares of Paytm’s parent company, One97 Communications, continued to rise for a second straight day on Wednesday in a rebound after a string of losses. This has helped Paytm’s stock move closer to its issue price of Rs 2,150. In the first two days of its secondary market run, the digital payments platform’s stock had lost 36.7% of its value against the issue price, becoming one of the most recent newbies. weak of recent times.
As of noon, Paytm stock traded up 14% to Rs 1,703.6 on BSE, bringing its gains to 25.2% in two consecutive days. At this price, Paytm shares were available at a discount of 20.8% from its issue price.
On NSE, One97 Communications shares listed at Rs 1,711.4, up
14.5% from their previous closing.
||Closing price (in rupees)
||Change (in rupees)
Paytm’s low rating comes at a time when most analysts are concerned about high valuations of new age companies.
The market expert also said he would wait for the 30-day blocking period for new listings like Paytm and Nykaa.
Paytm’s listing came days after chemicals maker Sigachi Industries became the top newbie in the market in 2021, with shares listed at a 252.8% premium to its issue price.