Paytm launches IPO
Perhaps one of India’s most recognisable fintechs, Paytm’s parent company One97 Communications launched their initial public offering (IPO) today. The company’s listing worth Rs. 18,300 crore is the highest in Indian history- breaking Coal India’s long standing record of 15,745 crore.
The company’s digital payment system played a huge role in shifting the general public’s proclivity towards cashless transactions post the COVID-19 pandemic.
Paytm investor SoftBank chief Masayoshi Son commented, “I believe Paytm and its valuation will grow significantly and it depends on market condition and appetite. Either way, I believe that the valuation should be bigger than the cost of what we invested.”
As of November 8 2:50PM, the Rs 18,300-crore IPO had been subscribed 12 percent. It has received bids for 57.54 lakh equity shares against an offer size of 4.83 crore shares.
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