Digital payments startup Paytm's initial public offering (IPO) has been subscribed 36 percent so far on Tuesday, the second day of the bidding process.

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The initial share sale of Noida-based One97 Communications, the parent company of Paytm, will close for subscription on Wednesday. The Paytm IPO, if successful, will be the largest in India.

By 2:03 pm, the Paytm IPO received bids for 1.7 crore shares as against the 4.8 crore shares on offer.

The portion reserved for qualified institutional buyers (QIBs) saw a subscription of 29 percent and that for non-institutional investors 1 percent. The quota reserved for retail investors was subscribed 68 percent.

On the first day, the IPO received bids for 88.2 lakh shares as against the total 4.8 crore shares on offer -- a subscription of about 18 percent. The portion reserved for retail investors was subscribed 78 percent, and that for non-institutional investors 2 percent. The qualified institutional buyers category saw bids for 16.8 lakh shares against 2.6 crore shares on offer.

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Paytm shares are available for bidding in the price band of Rs 2,080-2,150 under the public offer. Potential investors will be able to bid for shares in multiples of six. At the upper end of the price band, one lot will cost investors Rs 12,900.

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The company last week raised Rs 8,235 crore from anchor investors, including Blackrock, CPPIB and Birla MF.

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Paytm aims to utilise the proceeds from the IPO towards reinforcing its ecosystem through the acquisition and retention of more customers, fulfilling general corporate demands, and financing strategic collaborations, mergers and acquisitions, besides new business initiatives.

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