Paytm's listing debacle dents unlisted shares of smaller rival MobiKwik

Paytm's listing debacle dents unlisted shares of smaller rival MobiKwik

Signage for digital-payments provider Paytm, operated by One97 Communications Ltd., is displayed at a shop selling printer cartridges in Mumbai, India, on Friday, Jan. 27, 2017. Photographer: Dhiraj Singh/Bloomberg

Paytm’s lacklustre listing and its continued underperformance have dented investor sentiment for its smaller unlisted rival MobiKwik, said two traders who specialize in trading shares of unlisted companies.

MobiKwik’s stock was trading at a peak of 1,350 ($18) a share ahead of the opening of Paytm’s initial public offering (IPO) earlier this month, said one of the two traders, who did not wish to be named. The poor response to Paytm’s IPO and an even more disastrous listing moved Mobikwik shares, too, on the downward path. The shares are trading at 900, a nearly 33% plunge from their peak, the trader said.

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