Latest UpdatesBusinessPaytm makes market debut with India’s largest IPO

Paytm makes market debut with India’s largest IPO

Paytm, Indian fintech giant backed by SoftBank and Alibaba, toppled by over 20% after making a debut trading on local exchanges on Thursday. 

The firm, initially raised $2.5 billion in India’s largest initial public offering and is valued at about $14.9 billion, compared to $20 billion valuation the firm was aiming for.

The shares of One97 Communications, the holding firm of Paytm, traded for 1,591 Indian rupees ($21.4), down from the offer price of 2,150 Indian rupees.

PayTm’s IPO is the latest in a series of listings by Indian startups as many start to explore the public markets following years of growth. Other startups like food delivery service provider Zomato, online insurance aggregator Policybazaar, and fashion commerce Nykaa made stellar debut in the public market this year.

Industry executives meanwhile say that day one performance of shares is not the best measure to assess the success of Paytm, which offers a range of services including peer-to-peer payments and a digital bank.

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