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India's Paytm crashes in market debut, business model questioned

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Indian digital payments firm Paytm tumbled 25% on its maiden day of trade, with investors questioning its lack of profits and the lofty valuations it gained in the country's largest-ever IPO.

listed it as a quick payment option in India and has expanded into a plethora of services - insurance and gold sales, movie and flight ticketing, bank deposits and remittances.

The company reported a loss of 3.82 billion rupees in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.

 

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Shares in India's Paytm plunge 24% in market debut, business model questionedShares in India's Paytm plummeted 24% in their maiden day of trade, with investors questioning the loss-making digital payments firm's business model despite it having just completed the country's largest-ever IPO. wow
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