New Delhi: Paytm’s Rs 18,000-crore initial public offering (IPO) faced a bleak start after receiving good response from investors. The country’s biggest IPO lost over Rs 35,000 crore worth of investors on the first day of listing on the Indian stock exchanges.
In the early hours of trading, Paytm’s valuation declined from Rs 1.39 lakh crore to Rs 1.07 lakh crore, a loss of around Rs 35,000 crore. The stock is currently trading at a discount of 23% on its issue price of Rs 2,150 per equity share, which has hit an intra-day low of Rs 1,586.25. report good by ET.
In addition, international brokerage firm, Macquarie has started its coverage on One97 Communications, the parent firm of Paytm. However, this news can be heartbreaking for the investors of the fintech company.
Macquarie’s ratings started with an underperform rating, while the brokerage firm has set a target of Rs 1,200 for the stock, a 44% possible drop from the issue price of 2,150 per equity share.
According to a Reuters report, analysts at Macquarie Research said in a note to clients that Paytm’s business model lacks “focus and direction”. “Achieving scale with profitability is a major challenge,” the note said.
According to Forbes, the success of Paytm has made Sharma a billionaire with a net worth of $2.4 billion. Its IPO has created hundreds of new millionaires in a country where per capita income is less than $2,000. But this number could come down as share prices fall further. Read also: Amazon will no longer accept this credit card due to high transaction fees, are you using it?
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