“Man, I Can Feel For Our Cricket Team”: Paytm Chief On Trading Debut Day

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Vijay Shekhar Sharma founded Paytm in 2010 as a mobile recharge platform.

New Delhi: Hours before Paytm’s much-awaited launch on the stock market on Thursday, its founder and chief executive Vijay Shekhar Sharma said it seemed to “carry the hopes and aspirations of young India to the stock market.”

Mr Sharma wrote on Twitter: “Man, I can feel for our cricket team! Lots of messages, greetings, and kind words. It seems to carry the hopes and aspirations of young India to the stock market. From Coal to Fintech, in 11 years – India has changed. To every paytmer, you have changed India for the better. “

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Paytm’s $ 2.5 billion initial public offering (IPO), India’s largest, was oversubscribed last week.

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The company has valued its 85.1 million-share issue at Rs 2,150 at the top of the range. It marked a price range of Rs 2,080-2,150 per share for the contract.

Mr. Sharma founded Paytm in 2010 as a mobile recharge platform. The company grew rapidly after ride-hailing firm Uber listed it as a fast payment option in India, and its use increased further in late 2016 when a shock ban on centralized high-denomination currency notes encouraged digital payments.

The success of Paytm has turned Sharma, the son of a schoolteacher, into a billionaire with a fortune of $ 2.4 billion, according to Forbes. Its IPO has also created hundreds of new millionaires.

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Paytm is backed by Chinese tycoon Jack Ma’s Ant Group, Japan’s Softbank and Warren Buffett’s Berkshire Hathaway, who together own about one-third of the company.

Earlier this month, Mr Sharma visited the Tirupati temple in Andhra Pradesh to seek blessings ahead of the company’s IPO.

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