{"id":2795,"date":"2021-11-18T15:17:08","date_gmt":"2021-11-18T15:17:08","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut"},"modified":"2021-11-18T15:23:28","modified_gmt":"2021-11-18T15:23:28","slug":"paytm-shares-plunge-in-indias-biggest-ever-market-debut","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut","title":{"rendered":"Paytm: Shares plunge in India’s biggest ever market debut"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Shares in Indian digital payments platform Paytm have plunged by more than 20% on their Mumbai stock market debut.<\/b><\/p>\n

The company raised $2.5bn in the country’s biggest ever initial public offering (IPO).<\/p>\n

Some investors have voiced concerns about the loss-making Paytm’s business model.<\/p>\n

The firm counts Chinese payments giant Ant and Japanese technology group SoftBank amongst its biggest backers.<\/p>\n

Paytm’s first-day slump comes as Asia’s third-largest economy has been in a grip of an IPO frenzy as shares sit near record highs. India’s benchmark BSE Sensex index has risen by almost 25% since the start of this year.<\/p>\n

India’s start-ups have attracted billions of dollars in funding this year as investors look for opportunities in the Covid-battered economy.<\/p>\n

Even before Paytm’s record share listing, Indian companies had raised a record $10.5bn so far this year through IPOs in 2021.<\/p>\n

Last week, shares in beauty retailer Nykaa jumped on its debut, while food delivery app Zomato surged on its first day of trade in July.<\/p>\n

The soaring valuations of Indian IPOs has prompted authorities to take steps to try to cool the market.<\/p>\n

Shares of India’s Zomato soar on market debut<\/p>\n

India food delivery ‘unicorn’ opens $1.2bn IPO<\/p>\n

On Tuesday, the country’s markets regulator outlined plans to tighten the rules on how companies can spend the cash they raise from IPOs.<\/p>\n

That came after a decision by India’s central bank to impose limits on how much people can borrow to buy shares of a new listing.<\/p>\n

Founded by Vijay Shekhar Sharma, who was once named as India’s youngest billionaire, Paytm’s platform was launched in 2010.<\/p>\n

The company quickly became synonymous with digital transactions in a country that has traditionally been dominated by cash payments.<\/p>\n

Paytm was given a major boost by Prime Minister Narendra Modi’s government push to curb the use of cash – including the demonetisation of nearly all banknotes in circulation five years ago. It also benefitted as people became less willing to use physical cash during the pandemic.<\/p>\n

Almost 22 million shop owners shop owners, taxi and rickshaw drivers and other vendors in India now accept payments using the platform’s blue-and-white QR code stickers.<\/p>\n

Last year the firm handled transactions worth more than $54bn for its 337 million customers.<\/p>\n

‘A long road to profitability’<\/b><\/p>\n

Nikhil Inamdar, India Business Correspondent, BBC News<\/b><\/p>\n

Paytm’s lacklustre debut wasn’t entirely unanticipated after institutional investors took three full days to submit enough bids to cover all the shares on offer – although the extent of the slide has surprised many.<\/p>\n

There are three major factors that worry analysts about the company’s future: A fuzzy and long road to profitability, a very high valuation and stiff competition in the payments market from the likes of Google, WhatsApp and Walmart-backed phonePe.<\/p>\n

There are also concerns that Paytm has dipped its toes in too many businesses and lacks focus, inhibiting its capacity to become a market leader in any of these areas.<\/p>\n

Global brokerage Macquarie, which initiated coverage on the stock today, has given Paytm an “underperform” rating saying it sees the potential for Paytm to fall by more than 40% from its issue price.<\/p>\n

Paytm’s weak debut performance is in sharp contrast to the 80% opening bump that India’s other big internet unicorn, beauty retailer Nykaa, saw on its listing day.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Shares in Indian digital payments platform Paytm have plunged by more than 20% on their Mumbai stock market debut. The company raised $2.5bn in the country’s biggest ever initial public offering (IPO). Some investors have voiced concerns about the loss-making Paytm’s business model. The firm counts Chinese payments giant Ant and Japanese […]<\/p>\n","protected":false},"author":84,"featured_media":2794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[242,243,233,605,606],"class_list":["post-2795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-eritrea","tag-eritrea","tag-shares","tag-zomato"],"yoast_head":"\nPaytm: Shares plunge in India's biggest ever market debut - Eritrea<\/title>\n<meta name=\"description\" content=\"Shares in Indian digital payments platform Paytm have plunged by more than 20% on their Mumbai stock market debut.<\/b ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paytm: Shares plunge in India's biggest ever market debut\" \/>\n<meta property=\"og:description\" content=\"Shares in Indian digital payments platform Paytm have plunged by more than 20% on their Mumbai stock market debut.<\/b ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-18T15:17:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-18T15:23:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2021\/11\/img-61966fd792d26.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Paytm: Shares plunge in India’s biggest ever market debut\",\"datePublished\":\"2021-11-18T15:17:08+00:00\",\"dateModified\":\"2021-11-18T15:23:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut\"},\"wordCount\":579,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2021\/11\/img-61966fd792d26.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\",\"Shares\",\"Zomato\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/paytm-shares-plunge-in-indias-biggest-ever-market-debut\",\"name\":\"Paytm: Shares plunge in India's biggest ever market debut - 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