Paytm’s Rs 18,300 crore IPO, which was the country’s largest, was subscribed 1.89 times last week.
Analysts at Macquarie Research said in a note to clients that Paytm’s business model lacked “focus and direction” and initiated coverage with an underperform rating.
Paytm’s success has turned Mr Sharma, a school teacher’s son, into a billionaire with a net worth of $2.4 billion according to Forbes.