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Paytm’s founder Vijay Shekhar Sharma in tears on listing day at BSE

By Saima Siddiqui 
Updated Date
Paytm’s founder Vijay Shekhar Sharma in tears on listing day at BSE

New Delhi: Paytm founder Vijay Shekhar Sharma choked with emotion and his eyes turned watery as he address a gathering at the Bombay Stock Exchange, or BSE, on the company’s market debut this morning, after it completed India’s biggest-ever initial public offering, or IPO.

Also Read :- Paytm IPO worth Rs 18,300 Crore, biggest ever in India, opens today

In visuals, Mr Sharma was seen wiping tears with a handkerchief in a hall of the BSE.

Mr Sharma, an engineering graduate, founded Paytm in 2010 as a platform for mobile recharges.

Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option and its use swelled further in November 2016, when the government’s overnight ban on high-value currency notes boosted digital payments.

Paytm’s success has turned Mr Sharma, a school teacher’s son, into a billionaire with a net worth of $2.4 billion, according to Forbes. Its IPO has also minted hundreds of new millionaires in the country.

Also Read :- Paytm may scrap pre-IPO sale plan, over valuation differences: Report

Shares in Paytm fell 21 per cent in their market debut, valuing the Ant Group-backed digital payments firm at around ₹ 1.11 trillion. Shares were changing hands at ₹ 1,705 in early morning trade versus the offer price of ₹ 2,150.

aap hain to hum hain ❤️ pic.twitter.com/fLftyLr2Ws

— Paytm (@Paytm) November 18, 2021

Paytm, which also counts SoftBank among its backers, raised $2.5 billion in its IPO, of which $1.1 billion was from institutional investors.

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