The initial public offering (IPO) of One97 Communications Ltd, the promoters of Paytm, was fully subscribed on Wednesday, with the qualified institutional buyers (QIB) making a beeline for their quota largely on the final day.

After two days of sedate action on the institutional front, the issue got susbcribed 1.89 times. The shares are likely to be listed on November 18.

The Rs 18,300-crore Paytm IPO is the biggest since the Coal India float in 2010.

In the first two days of the IPO, there was good response only from the retail investors. On the first day, the overall subscription stood at 18 per cent which rose to 48 per cent on Tuesday.

The overall response to the IPO from the Paytm parent may seem subdued than some recent offerings but sources said they cannot be compared given the huge size of the share float of One97 Communications. The issue came at a price band of Rs 2,080-2,150 per share.

With some analysts raising concerns about its valuations, all eyes are, therefore, now on its listing. Paytm at the upper end of the price band will have a market cap of Rs 1.39 lakh crore, making it one of the most valuable companies of the country.

However, observers are not willing to hazard a guess on how it would perform on its debut. The grey market premium of the stock is now understood to have slipped to Rs 40-45 from Rs 60-70 a day ago.

A senior analyst from a foreign brokerage felt that if Paytm makes a tepid debut, it could temper the valuations of some of the other offerings that are in the pipeline. However, there are others who disagree with this view and say that investor interest will depend on the business model of the company.

For instance, the IPO of Latent View Analytics Ltd which will close on November 12 has been subscribed 6.39 times so far.

Similarly, the offering from Sapphire Foods which closes for subscription on Thursday has been subscribed 1.07 times.

Paytm had closed the country’s largest anchor round on November 3 as it raised Rs 8,235 crore.