Paytm's share prices crash as investors don't buy promises at India's largest IPO

Paytm is India's largest digital payments platform, with a market share of about 40 per cent.
Paytm is India's largest digital payments platform, with a market share of about 40 per cent. PHOTO: REUTERS

BANGALORE - India's largest initial public offering (IPO) on Thursday (Nov 18) began with tears of joy from Mr Vijay Shekhar Sharma, founder of fintech platform Paytm, but ended with heartburn for hundreds of investors.

At 2,150 rupees per share, Paytm raised an unprecedented 183 billion rupees (S$3.4 billion), fulfilling Mr Sharma's dream of surpassing the previous stock launch record held by Coal India, India's largest coal miner, which raised 151 billion rupees in 2010.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month
  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.