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CEO of Paytm Vijay Shekar Sharma visited Tirupati Temple, shared a glimpse of the moments

Chief Executive Officer (CEO) and Founder of Paytm, Vijay Shekhar Sharma, went to Andhra Pradesh to visit the Tirupati temple today to seek blessings ahead of the company’s Initial Public Offering (IPO).

This Initial Public Offering of Paytm is the most prominent India has ever seen. The IPO of Paytm was earlier known as One97 Communications.

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Paytm, the digital payment platform, is looking to raise Rs. 18,527 crores ($2.5 billion), this has already been a record year for share listings.

This year India’s biggest IPO till now was the food giant Zomato with nearly Rs. 9,634 crores ($ 1.3 billion) share issue in July.

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The Chinese tycoon Jack Ma’s Ant Group, Japan’s Softbank, and Warren Buffet’s Berkshire Hathaway both back the digital payment platform, Paytm.

Both Jack Ma’s group and Warren Buffet’s Berkshire own around a third of Paytm.

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CEO Vijay Shekar Sharma on Twitter today posted a picture of him with K.S Jawahar Reddy, the Executive Officer of Tirumala Tirupati Devasthanams (TTD), expressing that he visited the temple seeking blessings for the Paytm family.

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The temple’s trust oversees all the operations and handles the finances of the temples, which also include Andhra Pradesh’s Tirumala Venkateswara Temple.

On Monday, November 8, the Paytm IPO opened for subscription and will close on Wednesday, November 10.

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For the upper price band, the interested investors will need to pay Rs. 12,900 just to get a single lot. Around Rs. 2,080 to Rs. 2,150 per equity.

The returns from the IPO will be used by Paytm to provide their consumers and merchants with greater technology and financial services.

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The funds will be used for corporate activities, and It would also invest in new business partnerships, acquisitions, and ventures.

In a country like India, which was traditionally dominated by cash transactions, Paytm launched in 2010 and soon became synonymous with digital payments.

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Paytm has benefited from the government’s efforts to keep a check on cash in use. It also includes the demonetization of banknotes which was in circulation around five years ago and most recently during the COVID19 pandemic.

A prospectus warned about the continuous losses Paytm had to face and that it might not gain profitability soon.

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Due to operational losses, for the last three years, Paytm has reported negative cash flows.

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