Advertisement
Tuesday, Aug 16, 2022
Outlook.com
Outlook.com

Paytm IPO made 350 employees millionaires

With Rs 18,300-crore share sale, 350 current and ex-employees of Paytm will now have a worth of at least Rs 1 crore.

Paytm IPO made 350 employees millionaires
Paytm IPO made 350 employees millionaires
outlookindia.com
2021-11-13T14:29:11+05:30
The Rs 18,300 crore initial public offering (IPO) of Paytm-owner One97 Communications, a digital firm, has reportedly made 350 current and previous employees millionaires. These employees will individually now have a net worth of at least Rs 1 crore, according to a Reuters report.

The recent share sale has made Paytm the largest fintech IPO in the Asia Pacific Region. The IPO was open for subscription from November 8 to 10. The shares of the company are expected to list on the BSE and NSE next week. After the recent spike in valuation, several employees sold shares to the tune of around Rs 100 crore.

An electronic engineer by profession, Siddharth Pandey, 39, has become one such millionaire after the country’s biggest ever public issue, reported Reuters. He told in an interview with Reuters that his father opposed vehemently, when he decided to join Paytm nine years ago. Although, he has left Paytm and joined another start-up, but during his seven year tenure with Paytm he was left with tens of thousands of shares. With shares priced at 2,150 rupees ($28.9) on Friday, Pandey said he would be worth more than $1 million.

Pandey said to Reuters, “Paytm has always been a generous paymaster. Vijay (Sharma, the Paytm founder) has always wanted that people make money, they move up in life.”

Around 47 current employees working in the company, offloaded shares in the parent company recently. They wanted to explore this opportunity to use their employee stock options as Paytm's valuation reached $4.8 billion last year.
Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement