New Delhi: Paytm’s parent company One97 Communications shares listed at a discount of 9 per cent, on Thursday. During the listing ceremony, Vijay Shekhar Sharma, Founder and CEO of the digital payment service firm, got emotional. According to media reports, he was moved to tears. Before the listing today, Shekhar said, via Twitter, that ‘Paytmers’ have changed India for good.Also Read – What is Kejriwal Govt’s 6-Point Action Plan to Clean Yamuna By February 2025?
“Man, I can feel for our cricket team! So many messages, wishes and kind words. Feels like carrying the hopes and aspirations of young India to Stock Market. From coal to a fintech in 11 years—India has transformed. To every Paytmer, you’ve changed India for good,” Vijay Shekhar Sharma tweeted earlier this morning. Also Read – Argentina vs Brazil Referee Suspended For Failing to Act on Forearm Smash By Nicolas Otamendi in WC Qualifier | Watch Video
Shares Listed At Discount
The equity shares of the fintech company opened at Rs 1,955, on Thursday. The issue price of the share was fixed at Rs 2,150. The listing price was around 9 per cent less than the issue price. As of 01:10 PM, the share was trading at Rs 1,665, more than 22 per cent below the issue price. Also Read – Humanity Trumps Religion: Hindu Man, Gurudwara Association Offers Space for Friday Namaz in Gurugram
According to reports by Financial Express, the analysts had advised investors to exit the stock on listing and wait for better entry opportunities. With a market capitalization of Rs 1.26 lakh crore, according to Financial Express, Paytm is yet to turn profitable.
Public Issue Was Oversubscribed
According to the Times of India, the public issue of Paytm was oversubscribed 1.89 times majorly due to foreign institutional investors. The retail investors had oversubscribed their share of the IPO by 1.66 times and qualified institutional buyers oversubscribed the IPO by 2.79 times.