Paytm: India's Biggest IPO Disaster — And What Happened Next
On 18 November 2021, Paytm listed in India's biggest IPO ever — ₹18,300
crore raised, priced at ₹2,150 a share. It fell 27% on day one. Within two
years it was down 86%, and more than ₹1 lakh crore of market value had
disappeared.
Everyone agreed it was over.
This video is the full story — the IPO pricing, the regulatory order that
nearly ended the company in 2024, and the turnaround that took it from an
all-time low to its first-ever annual profit. It's the first video on this
channel that doesn't end in a collapse.
And at the end, the one line on the chart that tells you why "recovered"
and "recovered your money" aren't the same thing.
Everything here is data visualisation and public record. No stock tips, no
targets, no recommendations.
⏱ CHAPTERS
0:00 The IPO, in 25 seconds
0:38 What this video covers
0:55 Subscribe
1:09 What Paytm was
1:34 30 crore users
1:50 November 2021: going public
2:01 The price problem
2:17 1.89x subscribed
2:28 Macquarie's first note
2:44 Not a crash — a slide
3:02 The lock-in unlocks
3:23 "Profitability is coming"
3:36 January 2024: the RBI order
3:58 The lower circuit
4:11 Target cut to ₹275
4:19 ₹310: the bottom
4:33 Paytm did not die
4:56 Less a bank, more a distributor
5:17 FY26: ₹552 crore profit
5:41 Revenue up to ₹8,437 crore
5:58 Bernstein's new target
6:08 The line it hasn't crossed
6:41 The lesson
6:50 Who was right?
7:10 Next Saturday
📊 KEY NUMBERS
IPO: ₹18,300 crore raised, issue price ₹2,150
Listed ₹1,950; closed day one at ₹1,564 (-27%)
All-time low: ₹310 (early 2024), -86% from issue price
Macquarie initiated coverage day one: Underperform, target ₹1,200
January 2024: RBI order on Paytm Payments Bank
Macquarie cut its target to ₹275 in February 2024
October 2024: NPCI cleared Paytm to onboard new UPI users
FY26 net profit: ₹552 crore (vs a ₹663 crore loss in FY25)
FY26 revenue from operations: ₹8,437 crore, up from ₹6,900 crore
Stock up over 275% from its all-time low
Bernstein: first target above the IPO price, five years after listing
The ₹2,150 issue price has not been crossed since listing day
📌 SOURCES
NSE and BSE data, One97 Communications' exchange filings and FY26 results,
RBI and NPCI public orders, and brokerage notes from Macquarie and
Bernstein as reported at the time.
⚠️ DISCLAIMER
For educational and informational purposes only. This is not investment advice, a recommendation, or a solicitation to buy or sell any security.
I am not a SEBI-registered investment adviser. Brokerage targets mentioned are historical and are not endorsements. This stock is presently listed and actively traded — nothing in this video is a view on its current value. Past performance does not indicate future results. Please consult a qualified financial adviser before making any investment decision.
🎬 ABOUT TICKER FLICKER
Every Saturday, one Indian company's full stock story — the fortunes and the collapses — animated from real data.
Next Saturday: the man who taught India how to shop, and the one clause in one contract that took it all away.
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