Paytm IPO mints new millionaires | The Express Tribune


NEW DELHI:

Indian electronics engineer Siddharth Pandey will become a millionaire after the country’s biggest ever public issue, but he says he had to overcome his father’s opposition to join fintech firm Paytm when it was a fledgling start-up nine years ago. About 350 current and ex-employees will each have a net worth of at least 10 million Indian rupees ($134,401.38) after Paytm’s $2.5 billion IPO, a source in the company told Reuters. Many, like Pandey, will become dollar millionaires when the company lists next week. Those rewards are huge in a country where the per capita income is below $2,000. Pandey, now 39, is no longer with the company and is working at another start-up that he declined to identify. But he says his seven-year stint at Paytm left him with tens of thousands of shares. He declined to give details, but the shares were priced at 2,150 rupees ($28.9) apiece on Friday. Pandey said he would be worth more than $1 million. “My dad was very demotivating. He said, ‘What is this Paytime?!’,” Pandey told Reuters.

Published in The Express Tribune, November 14th, 2021.

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