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I am “just overwhelmed,” said Vijay Shekhar Sharma, while wiping tears from his eyes. He was addressing an audience at the listing ceremony of One97 Communications, the parent company of digital payments giant Paytm.
Sharma founded the company nearly two decades ago. In the last five years, Paytm has become the darling of India’s booming fintech sector, and is backed by big-name global investors such as SoftBank (SFTBF) and Warren Buffett. In 2021, One97 raised $2.5 billion in the country’s biggest ever initial public offering (IPO).
During November’s listing ceremony, Sharma called the company’s purpose of bringing millions of Indians into the mainstream economy “pious.”
Investors, however, appear to disagree — Paytm’s stock crashed 27% on its first day of trading.
Four months later, things have only gotten worse. The firm’s stock is now trading close to 560 rupees ($8), more than 70% below its offer price, according to data from Refinitiv.
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