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Paytm's IPO ends oversubscribed 1.89 times after a bumpy start

India's largest offering pales next to ebullience generated by Zomato and others

Paytm, Indian major mobile wallet service provider, claims it has 333 million users.   © AFP/Jiji

BENGALURU -- Paytm's initial public offering, India's largest ever, received a relatively tepid response, at least compared with a recent run of massively oversubscribed offerings by Indian startups Zomato, Nykaa and PolicyBazaar, reflecting apprehensions over a lofty valuation despite a potentially long road to profitability.

The IPO was oversubscribed 1.89 times at the close of the three-day offer on Wednesday, but about half the 48 million available shares had remained unsold by the end of Tuesday.

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