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Paytm is doing things in India that are anti-gravity, founder Vijay Shekhar Sharma tells employees ahead of IPO

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In a town hall after Paytm’s bidding ended, founder Vijay Shekhar Sharma is learnt to have told the employees that the magic lies in financial services and that’s exactly what the company’s focus is going to be in the coming days.

Paytm is doing things in India that are anti-gravity, founder Vijay Shekhar Sharma tells employees ahead of IPO
Online payments firm Paytm is all set for a $2.2-billion public listing on November 18 on the Bombay Stock Exchange after receiving 1.89x subscription last week.
In a town hall after Paytm’s bidding ended, founder Vijay Shekhar Sharma is learnt to have told the employees that the magic lies in financial services and that’s exactly what the company’s focus is going to be in the coming days.
Addressing over 200 employees, he said that the investors were betting on the quality of Paytm’s ambition. Calling it an “incredible moment”, Sharma told his colleagues that Paytm was doing things in India that were “anti-gravity”. He compared the impact of digital payments to what voice calls did to India’s telecom industry.
“Humne sabko payments samjha diya, ab hum vohi cheez bank accounts, lending mein karenge (We taught payments to everyone, now we’ll do the same thing in banking and lending),” he said, according to a person privy to the development.
The bell-ringing ceremony on Thursday will see the presence of the Paytm brass, bankers, lawyers and key family members of the management.
Market analysts have claimed that at 1.89x, the public offering had a muted response.
However, putting criticisms to rest, President and Chief Financial Officer Madhur Deora is leant to have told people that they got the investors they wanted during the IPO.
“We got believers, the bluest of blue chip global investors participated in our anchor round. They have come on board not because we are one of many but because they know Paytm is the champion of India. It’s the quality of our ambition that they are betting on,” Deora is learnt to have said.
The company raised $1.1 billion from anchor investors like Blackrock, CPPIB and GIC.
With the $2.2-billion share sale, the Paytm IPO has become the largest fintech IPO in the Asia Pacific region. It received bids for 9.14 crore equity shares against an IPO size of 4.83 crore equity shares between November 8 and 10, aided largely by qualified institutional buyers. The portion reserved for QIBs saw 2.79 times subscription.
A part set aside for retail investors was subscribed 1.66 times and that of non-institutional investors saw 24 percent subscription.
One 97 Communications will use the net proceeds from its fresh issue for growing and strengthening the Paytm ecosystem, and investing in new business initiatives, acquisitions and strategic partnerships, besides general corporate purposes.
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