The parent of Indian mobile-payments giant Paytm on Wednesday collected enough investor bids to raise the equivalent of $2.5 billion in the country’s largest-ever initial public offering, but the much-hyped deal didn’t go as smoothly as other recent tech IPOs.
Paytm’s owner, One97 Communications Ltd., at the start of this week launched a three-day stock offering to small and large investors in India. The company earlier agreed to sell $1.1 billion of its IPO shares to so-called anchor investors that included the Teacher Retirement System of Texas, the sovereign wealth funds of Singapore and Abu Dhabi and funds managed by BlackRock Inc. and Vanguard Group.