The first-day performance of Paytm’s record-breaking IPO tells us something about shifting attitudes towards Asia-based fintechs, who a few years ago could do no wrong.
Paytm – listed as One97 Communications – dropped 25% from its offer price in the first hour of trading on Thursday in India’s largest IPO, which raised the equivalent of $2.5 billion. It came close to triggering the exchange’s circuit breaker and halting trading.
It was not supposed to be like this.
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