Paytm, Fino, OYO: Inside The Grey Market Rush For India’s IPO-Bound Startup Shares

Paytm, Fino, OYO: Inside The Grey Market Rush For India’s IPO-Bound Startup Shares

SUMMARY

The price of unlisted shares of Fino PayTech, the parent company of Fino Payments Bank are now in the range of INR 425-430, 6.25-7.5% higher than INR 400 a week ago.

Unicorn status gained by MobiKwik ahead of its IPO has been a major factor for the recent bullish sentiments for the investors

OYO’s unlisted shares have started to witness action after the company recently expanded its paid-up share capital base through stock split and allotment of bonus shares

A flurry of startup IPOs is expected to hit the market in the coming weeks with SEBI having approved a few of them in recent weeks. Fino Payments Bank, MobiKwik, Nykaa received the market regulators’ nod to go public, in the last few days, while over seven are yet to receive a go-ahead. “Post the rights issue of Fino PayTech at INR 252 per share in September, there were expectations of selling pressure as the issue price was lower than the prices in the unlisted market then (INR 350). However, to our surprise, its prices increased post the rights issue,” said Manan Doshi, cofounder, Unlisted Arena.Traders said that the unicorn status gained by the Delhi NCR-based digital payments startup ahead of its IPO has been a significant factor in investors’ recent bullish sentiments.“This will be a bulky IPO worth over INR 16,000. They will have to keep the evaluations (IPO price) low to get more and more subscribers on board,” Unlisted Arena’s Doshi said.

The shares of the two fintech startups (Fino and MobiKwik) have mainly been on the rise, post the IPO approvals. In another significant development this week, the unlisted arena has started witnessing active trading in the unlisted shares of hospitality unicorn OYO post the company expanded its paid-up equity capital share base. 

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