New Delhi: Digital Payment Company Paytm Public Offering (IPO) made a weak debut on the market on Thursday because stocks fell more than 27 percent.
With the assessment of the 18,300 Crore Rs, IPO is the largest so far in India and the fourth largest globally by the company.
In fact, the stock reaches a lower circuit limit of 1,564 at BSE during an afternoon offer.
When a stock reaches a lower circuit limit, purchases by investors are only limited to prices or higher.
It was registered at Rs 1,955, slipping 9 percent of the problem price in BSE.
Then fell 27.25 percent to Rs 1,564 during the day.
In NSE, it debuted at Rs 1,950, registering a decline of 9.30 percent against the problem price.
During the day, shares looted 27.34 percent to end at RS 1,560.
The CEO was broken during the listing ceremony was an extraordinary opportunity for the founder and CEO of Vijay Shekhar Sharma which broke down during the opening ceremony.
“India is made for stories like Paytm.
I hope our story can inspire many beginner entrepreneurs,” he said.
With the aspirations to bring more than half a million people to the mainstream of India’s economy through the Fintech platform, Sharma expressed gratitude to all company stakeholders that allow this trip.
Not disturbed by slides, Sharma remains optimistic and says that he does not regret the list in India.
“One day did not decide what our future was,” he said.
“This is a new business model and needs a lot for someone to understand it directly …
there is a lot for us to bring it to the market and market participants,” he told the Reuters news agency.
A warm response to his IPO supported by the Ant group RS 18,300 Crore IPO excess subscription 1.89 times on the last day.
He accepted an offer for 9.14 shares of Crore equity against the 4.83 crore stock size size, according to information available with the Stock Exchange at 10.
November Paytm has repaired the IPO in the ribbon price of Rs 2,080-2,150 per share.
The company collected $ 1.1 billion from institutional investors and last week he received a $ 2.64 billion bid for the remaining shares offered.
How everything was established in 2000, One97 communication is a leading digital ecosystem in India for consumers and traders.
It offers a variety of services, including payment and financial services.
Paytm grew rapidly after Ride-Hailing Agence Uber registered it as a possible cost of cost.
The success of Paytm has changed Sharma, a school teacher’s son, becoming a billionaire with a net worth of $ 2.4 billion according to Forbes.
His IPO has also scored hundreds of new millionaires in this country.
The company reported Hospital 382 Crore losses ($ 51.5 million) in the quarter ended in June, wider than the loss of RS 284 Crore for the same period last year.
But Sharma said the company can change profitable when there is no need to invest “far more” to trigger growth opportunities.
“That’s the quarter you will contact Break-even,” he added.
“But it’s a break – it won’t even mean that we constantly say the same thing.” (With input from the agency)