Tuesday, 16 July 2024
Paytm’s share price crash after biggest IPO in India
22 November 2021 – India’s digital payments startup Paytm, backed by Ant Group and SoftBank, raised $2.5 billion in the country’s largest-ever initial public offering (IPO) that valued the company at roughly $20 billion. However, share price plummeted over the next two days of trading, marking one of the worst debuts ever by a major technology company, sparking criticism that the company and its investment bankers had pushed too hard in the offering. The stock fell about 14% on 22 November after a 27% plunge in its debut on 18 November, cutting its market value to about $12 billion. The drop has hit individual investors and global institutions such as BlackRock Inc and the Canada Pension Plan Investment Board.
News source: Business Times and South China Morning Post
