Business News | Paytm Launches India's Largest IPO, Trades in Red in Initial Minutes
Get latest articles and stories on Business at LatestLY. Paytm became the largest initial public offering (IPO) launched in the Bombay Stock Exchange (BSE), as its parent company, One97 Communications, on Thursday launched its IPO with the value of Rs 18,300 crores.
Mumbai (Maharashtra) [India], November 18 (ANI): Paytm became the largest initial public offering (IPO) launched in the Bombay Stock Exchange (BSE), as its parent company, One97 Communications, on Thursday launched its IPO with the value of Rs 18,300 crores.
However, amid weak market sentiments, immediately after the launch, the shares of Paytm traded in the red zone and fell over 20 per cent within minutes of trading.
In conversation with ANI, Madhur Deora, the Chief Financial Officer (CFO) of Paytm said that the company's IPO is not just the largest ever in BSE, but is also the largest fintech IPO in Asia and is the fourth largest fintech IPO globally.
"I knew that it is the largest IPO of BSE, but I was not aware that this IPO is the largest Fintech IPO of Asia or the fourth in the world. Someone here told me about it; we are happy (to know)," he said.
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When asked about the slumped start to the largest IPO here, Deora said, "We are not looking at the prices of the shares, at least not today when the IPO has just launched. We just want to serve the people in a better way and we thank our investors who have given their support to us all through this."
After the launch, BSE MD and CEO Ashish Chauhan told ANI that they are happy that India is bouncing back faster from the effects of the COVID-19 pandemic.
"Especially in the Fintech sector, we have seen a big boost after demonetisation and the pandemic. Today, the largest IPO has been launched here in BSE's history which is not only the largest of BSE but the largest fintech IPO of Asia and the fourth largest fintech IPO all over the world," Chauhan said.
"We are happy that all these steps are taking us ahead towards a stronger economy," he added.
The IPO was launched in a traditional launching event at the historical Convention Hall of the Bombay Stock Exchange building and the ritual of gong ringing took place exactly at 10 am, marking the formal launch of the IPO.
The event was attended by the founder of Paytm, Vijay Shekhar Sharma, the directors of One97 Communications, BSE MD and CEO Ashish Chauhan and other dignitaries. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)