Paytm founder and CEO Vijay Shekhar Sharma gets emotional during the listing of Paytm shares on the Bombay Stock Exchange
Highlight
- Sharma said that “Bharat Bhagya Vidhata” in the national anthem overwhelms him.
- Meanwhile, Paytm fell over 27% during the day from the issue price of Rs 2,150.
- The company posted a market valuation of Rs 1,01,484.00 crore in afternoon trade on BSE.
Paytm founder and CEO Vijay Shekhar Sharma broke down while addressing a crowd at the Bombay Stock Exchange (BSE) on the day of the company’s listing on Thursday.
In the viral picture, Vijay Shekhar Sharma is seen wiping his tears with a handkerchief. He said that “Bharat Bhagya Vidhata” in the national anthem overwhelms him.
Sharma was born only in a small town in Uttar Pradesh to a school teacher father and a homemaker mother. After this, he became the youngest billionaire in the country in 2017.
Weak market starts, shares fall over 27%
Meanwhile, shares of Paytm’s parent company One97 Communications Ltd made a weak start in the market on Thursday and declined over 27 per cent from the issue price of Rs 2,150 during the day.
The stock was listed at Rs 1,955 on the BSE, down 9 per cent from the issue price. During the day, it fell 27.25 per cent to Rs 1,564.
Santosh Meena, Head of Research, Swastik Investmart Ltd said, “Paytm, the largest ever IPO in India, opened in the secondary market on a weaker note than our expectations of flat listings.”
The company posted a market valuation of Rs 1,01,484.00 crore in afternoon trade on BSE.
Ant Group-backed Paytm’s Rs 18,300-crore IPO was oversubscribed 1.89 times on the last day of India’s biggest share sale last week. This was higher than the Rs 15,000 crore offer from minor Coal India a decade ago.
Partha Nyati, Founder, Tradingo said, “Paytm formally debuted on the exchanges today by One97 Communications, which witnessed a sluggish response and subscribed only 1.89 times from investors, which is much lower than the recently listed companies. “
He said he feels that the brand has led the company to demand higher valuations and may see an improvement in the near term. As per information available with stock exchanges on November 10, the initial public offering of Paytm’s parent company One97 Communications Limited received bids for 9.14 crore equity shares against an offer size of 4.83 crore shares.
Paytm had fixed its IPO in the price band of Rs 2,080-2,150 per share. Incorporated in 2000, One97 Communications is India’s leading digital ecosystem for consumers and merchants.
Read also | Largest Paytm IPO in India’s corporate history, listed at 9% below issue price
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