Paytm CEO’s Fixation on Delivering a Record IPO Led to a First-Day Flop
- Startup’s shares plummeted 27% after $2.5 billion fundraising
- Founder had pushed to surpass record set by Coal India in 2010
Vijay Shekhar Sharma in tears while giving a speech.
Source: AFPThis article is for subscribers only.
Vijay Shekhar Sharma wiped away tears of joy as he recounted his rise from a “commoner” to the leader of a digital payments giant that just completed India’s biggest-ever initial public offering.
“The dreams of a young country are with me,” said the founder and chief executive officer of One 97 Communications Ltd., operator of the Paytm service, before striking the opening gong at the Bombay Stock Exchange at 10 a.m. local time on Thursday.