Shares of India’s pioneering digital payments startup Paytm<\/a> will be closely watched by traders after the stock plunged 27% in its debut Thursday following a record initial public offering.
Paytm<\/a>’s parent company, One 97 Communications Ltd., raised $2.5 billion in its IPO, the most-ever for India, but its disastrous trading debut sparked criticism the company and its investment bankers had pushed too hard in the offering. Founder and Chief Executive Officer Vijay Shekhar Sharma<\/a> 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.
Over 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.
“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.
India’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, particularly for investors looking for alternatives to China.
Paytm’s IPO was managed by leading banks, including Morgan 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.
Critics 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.
Even 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.
“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.
CEO 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 to local media.
The 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.”
--With assistance from Ashutosh Joshi.<\/em>
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Paytm接受审查,跟踪记录IPO首日失败
“股票价格可能不会明显下降87%以来问题被机构投资者认购,谁能永远支持价格,“说德文Choksey策略师KRChoksey投资经理Pvt。
读到
Saritha拉伊和Nupur Acharya
印度股票的数字支付创业先锋Paytm交易员将密切关注股票暴跌27%后在周四首次亮相后,记录首次公开发行(ipo)。
Paytm母公司,97通信有限公司在IPO筹集了25亿美元,印度的历史记录,但是它引发了灾难性的上市首日批评该公司及其投资银行家提供把太难了。创始人兼首席执行官维贾伊·夏尔马一直明确表示,他希望Paytm超越2010年由印度煤炭有限公司长期以来IPO纪录。印度市场都关门了周五去度假。
上周末,Paytm十月发布的财务细节,其中包括排灯节假期前的关键时期。商品总额增长131%,至8320亿卢比(112亿美元),该公司表示。贷款支出,分析师认为,Paytm实现盈利的关键,增加超过400%,达到62.7亿卢比。
“股票价格可能不会明显下降87%以来问题被机构投资者认购,谁能永远支持价格,“说德文Choksey策略师KRChoksey投资经理Pvt。
印度最大的电子支付服务提供商贬值超过四分之一的首日交易中,标志着一个严重的处子秀的一个主要技术公司和铸件冷却在股市繁荣排名在世界上最疯狂的。IPO一直被一些人作为国家的象征作为全球资本目的地吸引力日益增加,特别是对中国投资者寻找替代品。
Paytm IPO由大银行,包括摩根士丹利(Morgan Stanley)、高盛集团(Goldman Sachs Group Inc .)、摩根大通(jpm . n:行情),印度工业信贷投资银行证券有限公司和轴资本控股有限公司他们都拒绝置评或没有回应记者的置评请求。
批评人士质疑Paytm近几个月的前景。在销售的核心支付和金融服务部门今年截至3月份上涨11%,总收入下降10%随着市场竞争不断加剧,该公司公布7月。
在交易开始之前,麦格理资本证券(印度)pvt ltd .)打了公司最初的股票评级和目标股价为1200卢比,比发行价低44%。
“考虑到Paytm大气粗的商业模式,没有实现盈利的清晰道路上,大监管风险业务和公司治理问题,我们认为该公司是高估了2150卢比的价格区间的上端,”分析师Suresh Ganapathy和Param萨勃拉曼尼亚在报告中写道。
首席执行官Sharma捍卫公司的前景。他在四个小时的市政厅集会员工,鼓励他们看过去首日下跌,据当地媒体。
经济衰退是“没有我们公司的价值的指标,“这位43岁的周四在接受彭博社采访时表示。乐动扑克“我们都是长期的。我们把我们的头和执行。”
——从Ashutosh Joshi援助。
印度股票的数字支付创业先锋Paytm交易员将密切关注股票暴跌27%后在周四首次亮相后,记录首次公开发行(ipo)。
Paytm母公司,97通信有限公司在IPO筹集了25亿美元,印度的历史记录,但是它引发了灾难性的上市首日批评该公司及其投资银行家提供把太难了。创始人兼首席执行官维贾伊·夏尔马一直明确表示,他希望Paytm超越2010年由印度煤炭有限公司长期以来IPO纪录。印度市场都关门了周五去度假。
上周末,Paytm十月发布的财务细节,其中包括排灯节假期前的关键时期。商品总额增长131%,至8320亿卢比(112亿美元),该公司表示。贷款支出,分析师认为,Paytm实现盈利的关键,增加超过400%,达到62.7亿卢比。
“股票价格可能不会明显下降87%以来问题被机构投资者认购,谁能永远支持价格,“说德文Choksey策略师KRChoksey投资经理Pvt。
印度最大的电子支付服务提供商贬值超过四分之一的首日交易中,标志着一个严重的处子秀的一个主要技术公司和铸件冷却在股市繁荣排名在世界上最疯狂的。IPO一直被一些人作为国家的象征作为全球资本目的地吸引力日益增加,特别是对中国投资者寻找替代品。
Paytm IPO由大银行,包括摩根士丹利(Morgan Stanley)、高盛集团(Goldman Sachs Group Inc .)、摩根大通(jpm . n:行情),印度工业信贷投资银行证券有限公司和轴资本控股有限公司他们都拒绝置评或没有回应记者的置评请求。
批评人士质疑Paytm近几个月的前景。在销售的核心支付和金融服务部门今年截至3月份上涨11%,总收入下降10%随着市场竞争不断加剧,该公司公布7月。
在交易开始之前,麦格理资本证券(印度)pvt ltd .)打了公司最初的股票评级和目标股价为1200卢比,比发行价低44%。
“考虑到Paytm大气粗的商业模式,没有实现盈利的清晰道路上,大监管风险业务和公司治理问题,我们认为该公司是高估了2150卢比的价格区间的上端,”分析师Suresh Ganapathy和Param萨勃拉曼尼亚在报告中写道。
首席执行官Sharma捍卫公司的前景。他在四个小时的市政厅集会员工,鼓励他们看过去首日下跌,据当地媒体。
经济衰退是“没有我们公司的价值的指标,“这位43岁的周四在接受彭博社采访时表示。乐动扑克“我们都是长期的。我们把我们的头和执行。”
——从Ashutosh Joshi援助。
