Friday, May 20, 2022
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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

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.

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