Shares fell about 25% when Paytms started trading on the Bombay Stock Exchange, with shares trading 1,614 hours after opening at 2,150, giving the company an estimated valuation of 14.2 billion dollars, according to several reports.
After India’s Largest IPO, Founder and CEO Vijay Shekhar Sharma told Reuters he was not upset by the initial price drop.
See Also: Paytm, India’s Largest IPO, Sees Slow Subscriptions
“One day does not decide our future,” he said. “It’s a new business model and it takes a lot for someone to understand it directly [sic] … we have a lot to contribute to markets and market participants. “
Backed by Warren Buffets Berkshire Hathaway, Jack Mas Ant Group and Masayoshi Sons Softbank, Paytm raised $ 2.5 billion on its initial public offering (IPO) and went from a payments app to a services platform complete with insurance, plane tickets, banking, and more.
Paytm plans to break even in the first months of 2023, a source told Reuters in July, although its prospectus indicated losses were likely for the foreseeable future.
Read more: Paytm could speed up IPO by $ 2.2 billion after Diwali
“Paytm’s financial data is not very impressive and growth prospects appear limited … obviously the company does not have a clear path to earnings,” said Shifara Samsudeen, analyst at LightStream Research who publishes on Smartkarma.
The company recorded losses totaling 3.82 billion ($ 51.5 million) in the quarter ended in June, more than the 2.84 billion losses for the same period in 2020.
Several Indian startups have raised funds through public offerings. Zomato Ltd. food delivery platform. went public earlier this year, and the Oyo hotel chain plans to sell the equivalent of $ 1.14 billion in an IPO.
You can also take advantage of: Paytm IPO Target grows to $ 2.4 billion + after dilution of shares
Founded in India in 2010, Paytm has offices in Salt Lake City, Utah, and Toronto, Canada. He works with 20 million businesses and 350 million clients.
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