Paytm IPO: His Father Didn’t Want Him to Work at Paytm. Now He Will Be a Millionaire
The Paytm IPO, which has closed recently, is the biggest initial public offer in India as of yet. And not surprisingly, this move will add new millionaires to India’s list, when the public offer gets listed on the stock markets next week. Ex-employee Siddharth Pandey, who had bought several shares of the company back when he was there, is among one such millionaire the IPO is going to mint, as per a repot by Reuters. Despite all this, the software engineer had to once battle his father’s prejudices to join fintech firm Paytm, which was just in the process of building its ground, nine years ago.
As per the Reuters report quoting an anonymous source, about 350 current and ex-employees will each have a net worth of at least Rs 10 million though India’s biggest ever public issue, set to be listed at the Bombay Stock Exchange and the National Stock Exchange. Like Pandey, may will become millionaires when this happens.
Though Pandey is no longer an employee at Paytm, he tells Reuters that his seven-year stint with the fintech group has left him with tens of thousands of shares at the company. The engineer now works at another startup in India, which he has refused to disclose.
The 39-year-old however declined to give details about his finances regarding the shares which were sold at Rs 2,150 during the initial public offer last week. He just said that he would be worth more than a million in the upcoming days.