Harsh Goenka, Chairman - RPG Enterprises, has heaped praise on Vijay Shekhar Sharma, Founder, One97 Communications Ltd., which runs the payments platform Paytm.
Goenka said of Sharma, "A teacher’s son, from a small city, from a Hindi medium school is doing the biggest IPO in our history. All luck."
Paytm announced the country's biggest initial public offer, which opened on November 8, in the price band of Rs 2,080-2,150 per share, implying a valuation of around Rs 1.48 lakh crore.
The IPO opened to a slow start on Monday, the first day of the three-day window. The IPO was subscribed only 18 per cent.
Paytm's Rs 18,300-crore IPO -- India's largest public issue to date -- was subscribed 21 percent on November 9, the second day of bidding. It receiving bids for 99.98 lakh equity shares against offer size of 4.83 crore shares, according to news reports.
Goenka said to prosper in the new India, you dont need family background, knowledge of great English or money. "You need to dream, perserve and work hard," he tweeted.
Harsh Goenka, tweeted: To prosper in the new India, you don’t need family background, knowledge of great English or money- you need to dream, persevere and work hard. A teacher’s son, from a small city, from a Hindi medium school is doing the biggest IPO in our history. All luck.
Vijay Shekhar Sharma responded with a tweet to Harsh Goenka saying: Sir you are kind with praises."
The portion set aside for retail investors was subscribed 86 percent, while the reserved portion of non-institutional investors was subscribed 2 percent, and qualified institutional buyers have put in bids for 16.79 lakh shares against 2.63 crore shares set aside for them.
The IPO received 18 per cent on the first day of bidding on Monday.
In an interview to Firstpost in 2015, Sharma had shares his life mantra: I believe, If you are at it, you should get it. I believe in Aham Brahmasmi -- I am the creator. I am of the opinion that life got better with mobile payments. Cash creates corruption in the economy. E-commerce can help to remove that.
