Paytm's founder and CEO Vijay Shekhar Sharma broke into tears while addressing a crowd at the Bombay Stock Exchange (BSE) on the company’s listing day on Thursday.
In the viral image, Vijay Shekhar Sharma was seen wiping his tears with a handkerchief. He said that “Bharat Bhagya Vidhata” in the national anthem overwhelms him.
Sharma was only born to a school teacher father and a home maker mother in a small city in Uttar Pradesh. He then became the country's youngest billionaire in 2017.
Weak market debut, shares crash over 27%
Meanwhile, shares of One97 Communications Ltd, Paytm's parent company, on Thursday made a weak market debut and tumbled over 27 per cent during the day from the issue price of Rs 2,150.
The stock was listed at Rs 1,955, slipping 9 per cent from the issue price on the BSE. It then tumbled 27.25 per cent to Rs 1,564 during the day.
"Paytm, the biggest IPO in India so far debuted the secondary market on a weaker note as compared to our expectations of a flat listing," Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
The company commanded a market valuation of Rs 1,01,484.00 crore in late afternoon trade on the BSE.
Ant Group-backed Paytm's Rs 18,300 crore IPO was oversubscribed 1.89 times on the last day of India's biggest share sale last week. This was greater than miner Coal India's Rs 15,000 crore offer a decade back.
"Paytm, formally called One97 Communications debuts today at exchanges which saw a dull response and got subscribed only 1.89 times from the investors which is much lower compared to the other recently listed companies," Parth Nyati, Founder, Tradingo said.
He added that they feel that due to the brand the company sought high valuation and it might see a correction in the near term. The initial public offering of Paytm's parent company One97 Communications Ltd received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares, according to information available with stock exchanges on November 10.
Paytm had fixed its IPO in a price band of Rs 2,080-2,150 per share. Incorporated in 2000, One97 Communications is India's leading digital ecosystem for consumers and merchants.
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