With the shares of one of the country’s leading digital payments platform – Paytm – getting listed on the exchanges on November 18, the company may be on the verge of becoming one of the most valuable entities.
Its initial public offering (IPO), which ended on November 10, 2021, stood at Rs 18,300 crore, the country’s largest ever and after Coal India’s public offering. It was subscribed 1.89 times by the end of its bidding process.
Paytm’s IPO consists of a fresh issue of Rs 8,300 crore and an offer for sale (OFS) by existing shareholders worth Rs 10,000 crore.
The company sold shares in the price band of Rs 2,080 to Rs 2,150 per share and retail investors had the option to bid for at least one lot out of six shares up to a maximum of 15 lots. At the upper price band, one lot of Paytm was priced at Rs 12,900.
Japan’s SoftBank, China’s Ant Group and investors such as Alibaba and Elevation Capital were among the top entities that reduced their stake in the IPO.
While market analysts are speculating on the price at which Paytm shares might get listed, there is no denying the fact that its founder, Vijay Shekhar Sharma, grew up from humble beginnings in Aligarh, Uttar Pradesh and is now a Ready to be the boss. The country’s most valuable companies.
Let’s take a look at how Paytm’s journey started.
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The son of a school teacher, Vijay Shekhar Sharma started Paytm in 2010 as a cell phone and DTH recharging facility. Its parent company One97 Communications was incorporated in the year 2000.
It quickly grew rapidly, after cab service company Uber took its services as a cost prospect.
However, the company ran into payments in November 2016 when the government announced demonetisation and encouraged digital payment systems.
This development saw Paytm customers grow manifold, as it seemed to have become everyone’s preferred platform for digital payments.
with paytm One97 Communications is the owner of Paytm Payments Bank with millions of account holders.
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