Ant Group-backed fintech firm Paytm said it has allocated shares worth Rs. 8235 crore to more than 100 institutional investors, including the government of Singapore, ahead of what is expected to be India’s largest stock market listing.

Paytm’s offer of up to Rs. 18,300 crore, which was increased last month from Rs. 16,600 crore, garnered interest from 122 institutional investors who bought more than 38.3 million shares for Rs. 2,150 apiece, according to a regulatory document dated November 3.

BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors.

Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency bank notes in India boosted digital payments.

Paytm has since branched out into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.

The company’s offering will open on Monday and top investor Ant Financial, with a 27.9 percent stake in Paytm, plans to sell shares worth Rs. 4,704 crore.

Several companies including Paytm have tapped capital markets this year in a fund-raising frenzy on the back of record highs hit by the Indian stock market, which has outperformed Asian peers so far this year.

In India, 157 companies including TPG-backed Nykaa, Oyo Hotels and Rooms and online insurance aggregator Policybazaar have raised $17.22 billion (roughly Rs. 1,28,181 crore) via IPOs this year as of October 31, compared with $8.54 billion (roughly Rs. 63,569 crore) raised by 49 companies in the same period last year, according to Refinitiv data.

Paytm’s IPO is likely to be the biggest in the country’s corporate history, breaking a record held by Coal India Ltd, which raised Rs. 15,000 crore more than a decade earlier.

© Thomson Reuters 2021