Mittal Portfolios, which deals in unlisted and delisted securities, said Paytm stock is seeing great demand
Investors are willing to pay a premium on current prices, but the supply is low
Grey market stocks are shares of a company that are bought and sold outside the official trading channels
Fintech giant Paytm’s initial public offering (IPO) is one of the most highly anticipated public listings in Indian history in recent times and there’s already a lot of investor buzz about the Paytm IPO expected around November this year. And the lure of Paytm for investors can be seen in the demand seen in the grey market for the company’s shares since last Friday, when the board of directors gave in-principal approval to the IPO plans.
According to data from Mittal Portfolios, which deals in unlisted and delisted securities, over the past four days, the Paytm stock price has nearly doubled to INR 21,000. Investors are willing to pay a premium on current prices, but the supply is low as most who have bought the stocks are holding them since they hope to cash in during the IPO.