listed it as a quick payment option in India and has expanded into a plethora of services - insurance and gold sales, movie and flight ticketing, bank deposits and remittances.
The company reported a loss of 3.82 billion rupees in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.
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