Paytm Under Scrutiny After First-Day Flop Followed Record IPO

Bloomberg2021-11-22

Shares of India’s pioneering digital payments startup Paytm will be closely watched by traders after the stock plunged 27% in its debut Thursday following a record initial public offering. Paytm’s ...

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精彩评论

Tanakaken
2021-11-22
Tanakaken
Wonder who are the sellers if they are not shortlists or IPO investors who are on funding and cutting loss?
Botak Tur
2021-11-22
Botak Tur
Ok
- Botak Tur:
  Ok
hotwheels
2021-11-22
hotwheels
What is the underlying reason for the sell off? Is there something brewing?
teegem63
2021-11-22
teegem63
Just too much hype. Big market potential. But where’s the middle income cohort? Overseas?
VinKuang
2021-11-22
VinKuang
Pls like ryvm[开心]
- Bibop:
  Sure
JoelLee
2021-11-22
JoelLee
Selll

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Founder and Chief Executive Officer Vijay Shekhar Sharma had persistently made clear that he wanted Paytm to surpass the long-standing IPO record set by Coal India Ltd. in 2010. Indian markets were shut Friday for a holiday.\nOver the weekend, Paytm released financial details for the month of October, which includes the critical period ahead of the Diwali holiday. Gross merchandise value rose 131% to 832 billion rupees ($11.2 billion) for the month,the company said. Loan disbursals, which analysts see as key to Paytm turning profitable, increased more than 400% to 6.27 billion rupees.\n“The stock price may not go down significantly since 87% of issue was subscribed by institutional investors, who can always support the price,” said Deven Choksey, a strategist at KRChoksey Investment Managers Pvt.\nIndia’s largest digital-payments provider lost more than a quarter of its value in its first day of trading, marking one of the worst-ever debuts by a major technology company and casting a chill over a stock-market boom that had ranked among the world’s most frenzied. The IPO had been touted by some as a symbol of the country’s growing appeal as a destination for global capital.\nPaytm’s IPO was managed by leading banks, includingMorgan Stanley,Goldman Sachs Group Inc., JPMorgan Chase & Co., ICICI Securities Ltd. and Axis Capital Holdings Ltd. They all either declined to comment or didn’t respond to requests for comment.\nCritics have questioned Paytm’s prospects in recent months. While sales at its core payments and financial-services arm rose 11% in the year ended in March, overall revenue dropped 10% amid intensifying competition, the company reported in July.\nEven before trading began, Macquarie Capital Securities (India) Pvt. Ltd. slapped the company with an initial “underperform” rating and a price target of 1,200 rupees, 44% lower than the IPO price.\n“Considering Paytm’s heavily cash-burning business model, no clear path to profitability, large regulatory risks to the business and questionable corporate governance, we believe the company is overvalued at the upper end of price band of 2,150 rupees,” analysts Suresh Ganapathy and Param Subramanian wrote in the note.\nCEO Sharma has defended the company’s prospects. He rallied employees during a four-hour town hall and encouraged them to look past the first-day drop,according tolocal media.\nThe slump is “no indicator of the value of our company,” the 43-year-old said in an interview with Bloomberg News on Thursday. “We are in it for the long haul. We’ll put our heads down and execute.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":872484419,"gmtCreate":1637560926144,"gmtModify":1637560926144,"author":{"id":"4089847491717180","authorId":"4089847491717180","name":"Tanakaken","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"4089847491717180","authorIdStr":"4089847491717180"},"htmlText":"Wonder who are the sellers if they are not shortlists or IPO investors who are on funding and cutting loss?","listText":"Wonder who are the sellers if they are not shortlists or IPO investors who are on funding and cutting loss?","text":"Wonder who are the sellers if they are not shortlists or IPO investors who are on funding and cutting loss?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872484419","repostId":1141057929,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":872413072,"gmtCreate":1637558823575,"gmtModify":1637558823649,"author":{"id":"3578990746736424","authorId":"3578990746736424","name":"Botak Tur","avatar":"https://static.tigerbbs.com/ad2db38166c18b512749a83019596279","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578990746736424","authorIdStr":"3578990746736424"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/872413072","repostId":1141057929,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6675610,"gmtCreate":1637558835557,"gmtModify":1637558835588,"authorId":3578990746736424,"author":{"id":3578990746736424,"idStr":"3578990746736424","authorId":3578990746736424,"name":"Botak Tur","avatar":"https://static.tigerbbs.com/ad2db38166c18b512749a83019596279","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":872413072,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"},{"id":872431547,"gmtCreate":1637557540696,"gmtModify":1637558806222,"author":{"id":"3555967496683005","authorId":"3555967496683005","name":"hotwheels","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3555967496683005","authorIdStr":"3555967496683005"},"htmlText":"What is the underlying reason for the sell off? Is there something brewing?&nbsp;","listText":"What is the underlying reason for the sell off? Is there something brewing?&nbsp;","text":"What is the underlying reason for the sell off? Is there something brewing?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872431547","repostId":1141057929,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":872493349,"gmtCreate":1637555953993,"gmtModify":1637558421503,"author":{"id":"4100655058123160","authorId":"4100655058123160","name":"teegem63","avatar":"https://static.tigerbbs.com/ac15943f10bad1c2c0ec91d5d8a2bd22","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"4100655058123160","authorIdStr":"4100655058123160"},"htmlText":"Just too much hype. Big market potential. But where’s the middle income cohort? Overseas?","listText":"Just too much hype. Big market potential. But where’s the middle income cohort? Overseas?","text":"Just too much hype. Big market potential. But where’s the middle income cohort? Overseas?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872493349","repostId":1141057929,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":872403761,"gmtCreate":1637554862854,"gmtModify":1637554862961,"author":{"id":"3577323914202336","authorId":"3577323914202336","name":"VinKuang","avatar":"https://static.tigerbbs.com/536d624e5750dcffec704eeed9bc003b","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3577323914202336","authorIdStr":"3577323914202336"},"htmlText":"Pls like ryvm[开心]&nbsp;","listText":"Pls like ryvm[开心]&nbsp;","text":"Pls like ryvm[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/872403761","repostId":1141057929,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6675428,"gmtCreate":1637557308101,"gmtModify":1637557308204,"authorId":3574823733614024,"author":{"id":3574823733614024,"idStr":"3574823733614024","authorId":3574823733614024,"name":"Bibop","avatar":"https://static.tigerbbs.com/5c9cf1e4cff885e3bf9913697004534b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":872403761,"type":1,"supId":0,"prevId":0,"content":"Sure","text":"Sure","html":"Sure"}],"langContent":"CN"},{"id":872400055,"gmtCreate":1637554567122,"gmtModify":1637554567687,"author":{"id":"3579882572140125","authorId":"3579882572140125","name":"JoelLee","avatar":"https://static.tigerbbs.com/e1f6c92b13d94cba61906c07dbbb2ab6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3579882572140125","authorIdStr":"3579882572140125"},"htmlText":"Selll","listText":"Selll","text":"Selll","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872400055","repostId":1141057929,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":85,"commentSize":6,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1141057929"}