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"Biggest IPO, biggest crash"
After india’s largest-ever IPO paytm parent
one97 communications set another record on debut the biggest drop on opening
day for share sales worth more than Rs 1000 crore.
The stock listed at Rs 1950, a discount of 9.3%
to its offer price of Rs 2150, and closed at Rs 1564 down 27%. This is the first
of six recent startup ipo’ s to list below the offer price. Anil
ambani-controlled reliance power had plunged 21% on debut in february
2008 after an Rs 11700 crore IPO. Investo Rs lost nearly
Rs 5000 crore of their Rs 18300 crore investment in the one97 IPO. While
institutional investors lost Rs 4254 crore, retail investors' net loss amounted
to Rs 567 crore. High net worth induvial investors lost Rs 166 crore.In comparison, shares of its new-age peer zomato
ltd. Had hit the upper circuit on its
listing day, before ending the trading session 66% higher. Shares of nykaa’s
parent fsn e-commerce ventures ltd. Nearly doubled over its issue price on
market debut.We hope
the paytm story can inspire entrepreneurs, even for the ones who do not have
the background, but we hope this inspires them that they can do it. we believe paytm’s business model lacks focus and
direction. Unless paytm lends, it can’t make significant
money by merely being a distributor. We therefore question its ability to
achieve scale with profitability. Paytm financials are
not very impressive and the growth prospects seem limited... Obviously the
company lacks a clear path to profits.
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