India's IPO boom has rapidly turned to bust
CNN
From Zomato to Nykaa, many Indian tech companies went public last year, with massive valuations. But they are now languishing way below their listing price. And, Paytm is down over 70%, facing concerns over its path to profitability and regulatory hurdles.
I am "just overwhelmed," said Vijay Shekhar Sharma, while wiping tears from his eyes. He was addressing an audience at the listing ceremony of One97 Communications, the parent company of digital payments giant Paytm.
Sharma founded the company nearly two decades ago. In the last five years, Paytm has become the darling of India's booming fintech sector, and is backed by big-name global investors such as SoftBank (SFTBF) and Warren Buffett. In 2021, One97 raised $2.5 billion in the country's biggest ever initial public offering (IPO).
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