The Rs 18,300-crore initial public offering (IPO) of One97 Communications drew a modest response from big investors on its second day, with its overall subscription standing at 48 per cent, largely because of a strong response from retail investors.

Data available from the bourses showed that on Tuesday, the IPO from the Paytm parent received bids for 2,34,63,600 shares against 4,83,89,422 shares on offer. Of the 2.34 crore shares that were bid for, retail investors submitted bids for 1,08,16,986 shares or 46 per cent. That portion was subscribed 1.23 times.

Non-institutional investors bid for just 5 per cent of the 1.31 crore shares reserved for them while the portion meant for QIBs showed 1,20,08,328 shares being bid for against 2,63,94,231 reserved for the category, thus showing a subscription of 46 per cent.

However, market circles are not unduly worried about the leisurely pace seen in the qualified institutional buyers (QIB) and non-institutional investors on the second day as they say subscription from these categories often show a spike on the final day.

“If you see most of the IPOs, the QIBs and HNI participation increases only on the final day and that too after 2 pm,’’ a market observer said.

However, there have been concerns in some quarters as to the slow response shown by the HNIs compared with some of the other offerings like Nykaa. Though experts say they cannot be compared due to the sheer size of the Paytm IPO.