Paytm's $2.5 billion IPO mints new millionaires in India
Information about Paytm's $2.5 billion IPO mints new millionaires in India
Kevin David Scam or Legit
By Sankalp Phartiyal and Aftab Ahmed
NEW DELHI (Reuters) – 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 …