Paytm stock slides over half of IPO investors' wealth in less than 2 months
By MYBRANDBOOK
One97 Communication founder Vijay Shekhar Sharma comments it seems nothing can stop the slide in the company’s shares. One97 Communications, owner of the Paytm brand, got listed with much fanfare two months back. But the jubilant mood soon turned into gloom as the stock saw the worst debut on bourses in a decade.
The counter has fallen for the ninth straight day, dropping over 21 per cent in the process. Yesterday, Paytm shares hit an all-time low of Rs 1,051, eroding over half of the value from its IPO price of Rs 2,150.
The tone was set by a Macquarie report that came hours before the script got listed. Macquarie analysts termed the company as a “cash guzzler” and set a price target at Rs 1,200. Not even two months later, it revised the target to Rs 900.
Meanwhile, many analysts are out with bullish target prices as high as Rs 1,875. Bulls include Morgan Stanley, JP Morgan and Goldman Sachs who also managed the issue. Interestingly, even their target prices were far lower than the IPO price they set just a month earlier.
The company has never posted a profit. It has seen a consistent decline in take rate-commissions it charges for processing payments-over the years, thanks to the focus on increasing its user base. The company management categorically said it may not be profitable anytime soon. Paytm CEO, in a recent address, said Paytm should be compared to Bajaj Finance and that people are underestimating its payments business.
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