India's "Paypal" Paytm Continues To Fall On Its First Day Of Listing

The company's IPO price is 2,150 rupees per share, and the total amount of funds raised reaches 2.5 billion US dollars. It is India's largest IPO this year. Sovereign wealth funds such as BlackRock, the Canadian Pension Plan Investment Board (CPPIB) and Singapore are all anchor investors in this offering. Macquarie Capital Securities (India) Co., Ltd. gave the company an initial rating of "underperform" and a target stock price of Rs 1,200, which means that the company's share price will fall by more than 40% from the issue price. Macquarie analysts Suresh Ganapathy and Param Subramanian wrote in a report before the start of the transaction: "We believe that Paytm's business model lacks focus and direction. Unless Paytm lends, it is impossible to make a lot of money just as a distributor. . Therefore, we doubt whether it can achieve scale while making profits.” It is reported that Alibaba is its shareholder and is seeking to sell shares worth 7.85 billion rupees in paytm's Indian IPO.