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. PHOTO: REUTERS
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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.

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