Paytm's Founder and Chief Executive Officer Vijay Shekhar Sharma on Wednesday said that his stock grants (employee stock options) will be vested to him only when the market capitalisation of the company crosses the initial public offering (IPO) level on a sustained basis.
Shares of India's pioneering digital payments startup Paytm plummeted for a second day after its $2.5 billion initial public offering, marking one of the worst debuts ever by a major technology company.
Paytm stated that it planned to raise Rs 18,300 crore from the IPO, inclusive of Rs 8,300 crore from the issuance of fresh equity and Rs 10,000 crore from an offer for sale (OFS).