Paytm listing today: 'Carrying hopes of young India to Stock Market' says founder Vijay Shekhar Sharma

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Hours before the listing of Paytm shares on the BSE and NSE, its founder and Chief Executive Officer Vijay Shekhar Sharma said that he “Feels like carrying the hopes and aspirations of young India to the Stock Market”.  “Can feel the Indian cricket team” as he has been receiving a plethora of wishes, messages, and texts on the trading debut day, Sharma said. Thanking the Paytm users, Sharma wrote, “ To every Paytmer, you’ve changed India for good”.

“Man, I can feel for our cricket team! So many messages, wishes, & kind words. Feels like carrying the hopes and aspirations of young India to the Stock Market. From coal to a fintech, in 11 years — India has transformed. To every Paytmer, you’ve changed India for good,” Sharma wrote a tweet. 

According to the experts, Paytm share price may have a ‘tepid’ debut on Thursday’s listing. However, if a market opens in a positive mood then there can be at par listing, and in case of negative market sentiments, the issue may open at discount as well.

Overall, the experts have anticipated a muted response for Paytm because of the lukewarm response to the IPO subscription, falling grey market premium and high valuations.

The country’s biggest IPO was subscribed 1.89 times with institutional buyers including FIIs flooding the share sale with offers seeking 2.79 times the number of shares reserved for them. The company saw participation from blue-chip investors like Blackrock, Canada Pension Plan Investment Board, GIC, ADIA, APG, City of New York, Texas Teachers Retirement, NPS Japan, University of Texas, NTUC Pension out of Singapore, University of Cambridge etc.

Retail investors lapped up for 1.66 times the 87 lakh shares reserved for them.

Paytm IPO comprised a fresh issue of equity shares worth 8,300 crore and an offer for sale (OFS) of shares worth up to 10,000 crore.

The OFS, or secondary share sale, consisted of the sale of shares worth up to 402.65 crore by founder Sharma.

The company set aside 75 per cent of the offer for QIBs, 15% for non-institutional investors, and the remaining 10 per cent for retail investors.

Paytm was founded by Sharma in 2010 as a platform for mobile recharges, and its use swelled further in late 2016 when the Central government shock ban on high-value currency notes boosted digital payments.

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