Paytm stock has been in high demand in the gray market since the company announced its plan to launch its first public offering (IPO). The price of the stock has risen from Rs 11,500 to Rs 21,000 in the last few days, however, no one is selling it now even though people are willing to buy it.
“Last week, we sold Paytm stock to investors between Rs 11,000 and Rs 12,000. The last trade we made on these stocks was two days back to Rs 21,000. Since then, no stocks are available to buy,” LiveMint quoted Mittal Portfolios director Manis Mittal as saying.
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According to the data, the gray market is transferred to the channels where the company’s shares are bought and sold outside the official trading channels. The gray market is available in a variety of areas, including basic employee stock options. To track employees that they have stock in their data account, they sell it when they get a better price from another investor, rather than selling it on a solid offer in return.
Earlier on May 28, a board of eight members of Paytm met to approve the public release of $ 3 billion, making it the largest in Indian history. The target is to be calculated in India in November this year at a cost of $ 25- $ 30 billion. The company retained an estimated $ 16 billion while collecting $ 1 billion from Softbank and Ant Financial in 2019.
They received approval from the company’s board to collect about 22,000 crores through the IPO in October-December. The company of digital payments and financial services estimates the business value of more than Rs 2 lakh.
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Among Paytm’s shareholders, Alibaba’s Ant Group has 29.71 percent of its shares, while Softbank Vision Fund, Seif Partners and Vijay Shekhar Sharma have 19.63 percent, 18.56 percent and 14.67 percent, respectively.