Home Business The largest IPO in India’s history has been upset! “India version of Alipay” Paytm plunged nearly 25% on its first day of listing. Provided by Investing.com

The largest IPO in India’s history has been upset! “India version of Alipay” Paytm plunged nearly 25% on its first day of listing. Provided by Investing.com

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Yingwei Financial Investing.com-On Thursday, local time, the Indian payment giant Paytm, known as “Alipay of India”, was officially listed on the Bombay Stock Exchange with an issue price of 2,150 rupees (equivalent to US$29) per share. However, it is very embarrassing that the stock price of this company fluctuated and broke after the market opened. It once fell nearly 25%, and now the decline has narrowed to 14.30%, at 1671.00 rupees.

According to media reports, Paytm plans to raise 183 billion rupees (approximately US$2.5 billion) through an IPO, setting a record for the largest IPO in Indian history. The shareholders behind Paytm include Ant Group, SoftBank Vision Fund, Berkshire Hathaway, etc. Among them, Ant Group is the company’s largest shareholder, owning about 28% of the company’s shares before the IPO.

Prior to listing, Macquarie Capital Securities rated Paytm as “underperform” and set a target price of Rs 1,200-which is more than 40% lower than the issue price. The investment bank analyst wrote in the report, “We believe that Paytm’s business model lacks focus and direction.”

Since the beginning of this year, the Indian capital market has raised approximately US$15 billion through IPOs, setting a record for total annual financing. According to media statistics as of November 15th, companies listed on the Indian stock market in 2021 have an average increase of 23% on the first trading day.

[This article is from Investing.com, For more information, please log in to cn.Investing.com or Yingwei App]

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(Edit: Chen Han)

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