Why Paytm's weak listing is not a surprise

Today, One 97 Communications or Paytm, got its shares listed in the exchanges at a discount of 9 per cent from its issue price. This broke the trend of startup listing gains. While we may think that this is a typical case for Paytm, it has been the trend for many other companies in the last five years. All those companies had one thing in common - massive issue-size. The top-10 IPOs by issue-size in the last five years had a median listing gain of -1.6 per cent, with the only major exception being Zomato which had a good