The shares of Paytm parent One97 Communications were trading 25% lower in comparison to its IPO price of ₹2,150 following a weak stock market debut on Thursday. The shares opened at ₹1,955 apiece on the BSE and fell to an intraday low of ₹1,586. Paytm's IPO, India's biggest ever public issue at ₹18,300 crore, was subscribed 1.89 times.
During Paytm's listing ceremony at Bombay Stock Exchange (BSE), the company's Founder and CEO Vijay Shekhar Sharma teared up as he heard India's national anthem. "The line 'Bharat Bhagya Vidhata'...just overwhelms me...it means...'the one who will define the fortune of this country'," Sharma explained. "I can't say it with enough words...that everyone at Paytm has actually done that," he added.
Paytm shares closed 27% lower than IPO price on the company's market debut on Thursday. Coffee Day Enterprises' stock fell 17.64% on its listing in November 2015, while Reliance Power's stock fell 17.22% on its listing in 2008. ICICI Securities' stock fell 14.41% on its market debut in April 2018 while Kalyan Jewellers' stock fell 13% in March 2021 listing.