Debuting on the stock exchange, the shares of One97 Communications – the parent company of digital mobile payment platform Paytm – opened disappointingly at Rs 1,995 on BSE and NSE against its issue price of Rs 2,150. The price at which the shares were listed is 9 per cent lower than the price offered in the IPO, causing a loss of Rs 350 per share to the investors.
Brokerage house Macquarie said that Paytm’s stock could fall 44 per cent from the present position which can likely go down to Rs 1,200 per share. This indicates that the investors are likely to suffer further losses.
However, the stock of country’s largest IPO was trading at Rs 1,805 down by 8 per cent, it hit a low of 1781 and a high of 1961. Its market cap stood at Rs 1.16 lakh crore as against the pre-listing estimate of Rs 1.48 lakh crore. This is the worst-performing stock at the moment, both in terms of subscriptions and listings.
The IT services management company, One97 Communications launched the largest payments platform in the country – Paytm in 2009. It has served over two crores registered merchants and 33.7 crores registered consumers as of June this year.
