Paytm: Lack of a Cogent IPO Story?*

IF 0.1 Q4 MANAGEMENT

Asian Journal of Management Cases Pub Date : 2023-12-18 DOI:10.1177/09728201231204447

Papiya De

引用次数: 0

Abstract

On 18 November 2021, Paytm, India’s leading digital payments and financial services company, went public, but its shares were listed at a surprising 9% discount from the initial price. This underperformance of Paytm’s highly anticipated ₹183 billion IPO, the largest in India, stunned the market despite the BSE Sensex index hitting an all-time high in October 2021 with a 50% increase over the previous year. While other unicorns like Zomato (thirty-eight times oversubscribed) and Nykaa (nearly eighty-two times oversubscribed) saw tremendous success in the capital market, Paytm struggled on the stock exchange. This raised questions about why a prominent brand with 3.33 billion customers could not effectively engage with stakeholders and failed to excite investors as Zomato and Nykaa did. Raghavendra Das, a communications consultant seeking to work with Paytm, assessed the company’s communication strategy and shared insights with MD and CEO Vijay Shekhar Sharma. The big question now is, what steps should Paytm and Sharma take next?

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Paytm：缺乏有说服力的 IPO 故事？

2021 年 11 月 18 日，印度领先的数字支付和金融服务公司 Paytm 上市，但其股票上市价格竟然比初始价格折价 9%。尽管 BSE Sensex 指数在 2021 年 10 月创下历史新高，比前一年增长了 50%，但 Paytm 备受瞩目的 1,830 亿英镑 IPO（印度最大的 IPO）却表现不佳，令市场大跌眼镜。当 Zomato（超额认购 38 倍）和 Nykaa（超额认购近 82 倍）等其他独角兽企业在资本市场取得巨大成功时，Paytm 却在证券交易所举步维艰。这引发了人们的疑问：为什么一个拥有 33.3 亿用户的知名品牌不能有效地与利益相关者互动，也不能像 Zomato 和 Nykaa 那样让投资者兴奋。寻求与 Paytm 合作的传播顾问拉加文德拉-达斯（Raghavendra Das）评估了公司的传播战略，并与公司董事兼首席执行官维贾伊-谢卡尔-夏尔马（Vijay Shekhar Sharma）分享了自己的见解。现在最大的问题是，Paytm 和夏尔马下一步应该采取什么措施？

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Journal of Management Cases MANAGEMENT-

CiteScore

0.70

自引率

0.00%

发文量

期刊介绍： Asian Journal of Management Cases is a peer-reviewed journal that aims at providing high-quality teaching material to academics, consultants, and management developers, through cases on management practices in the socioeconomic context of developing Asian countries. The journal covers all administrative disciplines including accounting and finance, business ethics, production and operations management, entrepreneurship, human resource management, management information systems, marketing, organizational behaviour, strategic management, and managerial economics. Each issue of Asian Journal of Management Cases comprises four to five original case studies. Teaching cases should be accompanied with a Teaching Note (TN). Even though the TN will not be published, it is necessary for the review process and can be obtained by contacting the authors directly. Please refer to the online submission guidelines for details on writing a teaching note. AJMC does not publish pure research or applied research based on field studies (not case studies). The journal is published in March and September every year with thematically focused issues occasionally.