Paytm’s success has turned Vijay Shekhar Sharma, a school teacher’s son, into a billionaire with a net worth of $2.4 billion
New Delhi: Paytm founder Vijay Shekhar Sharma turned emotional during his address at the Bombay Stock Exchange, or BSE, on the company’s market debut this morning, after it completed India’s biggest-ever initial public offering or IPO.
In visuals, Mr. Sharma was seen wiping tears with a handkerchief as he addressed a gathering in a hall of the BSE.
Mr. Sharma, an engineering graduate, founded Paytm in 2010 as a platform for mobile recharges.
Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option and its use swelled further in November 2016, when the government’s overnight ban on high-value currency notes boosted digital payments.
Paytm’s success has turned Mr. Sharma, a school teacher’s son, into a billionaire with a net worth of $2.4 billion, according to Forbes. Its IPO has also minted hundreds of new millionaires in the country.
Shares in Paytm fell 21 percent in their market debut, valuing the Ant Group-backed digital payments firm at around ₹ 1.11 trillion. Shares were changing hands at ₹ 1,705 in early morning trade versus the offer price of ₹ 2,150.
Paytm, which also counts SoftBank among its backers, raised $2.5 billion in its IPO, of which $1.1 billion was from institutional investors.