Paytm founder, Vijay Shekhar Sharma, was emotional this morning on market launch
New Delhi:
Paytm founder Vijay Shekhar Sharma was emotional this morning speaking to people at the Bombay Stock Exchange, of BSE, about the company’s market launch, following the completion of a public offering. India’s largest initial public offering, or IPO.
In the image, Mr Sharma was seen wiping tears with a handkerchief as he spoke to people who had gathered in a BSE hall.
Mr. Sharma, an engineering graduate, founded Paytm in 2010 as a platform for mobile recharge.
Paytm grew rapidly after ride-hailing company Uber listed it as a quick payment option, and its use increased in November 2016, when the government’s overnight ban on paper money High value has driven digital payments.
Paytm’s success has turned Sharma, the son of a school teacher, into a billionaire with a net worth of $2.4 billion, according to Forbes. Its IPO has also attracted hundreds of new millionaires in the country.
Shares of Paytm fell 21% in its initial market launch, valuing the Ant Group-backed digital payments company at around Rs 1.11 trillion. Shares traded at Rs 1,705 in early morning trading against an asking price of Rs 2,150.
aap hain to hum hain ❤️ pic.twitter.com/fLftyLr2Ws
– Paytm (@Paytm) November 18, 2021
Paytm, which also includes SoftBank among its backers, raised $2.5 billion in its IPO, of which $1.1 billion was from institutional investors.
With input from Reuters
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