Investments like BlackRock, CPPIB add to Paytm shares

Some of the biggest investors in Paytm's record-breaking initial public offering added to their stakes in the Indian fintech giant after shares plunged by as much as 41%, according to people familiar with the matter.

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The people said that BlackRock Inc. and the Canada Pension Plan Investment Board were among the so-called anchor investors in the IPO that bought more Paytm shares on Tuesday and Wednesday.

The stock rose by 7% to 1,875 rupees in early Mumbai trading, as well as a third day on Thursday. Its issue price was 2,150 rupees, but that is still a long distance away from it. The size of the week's purchases by anchor investors couldn't be immediately known. Representatives for BlackRock and CPPIB didn't want to say anything.

Paytm's early tumble sparked a trading frenzy among local individual investors after the Dot-Com bubble era of the late 1990 s. Any signs that influential money managers like BlackRock are doubling down on the company may help ease concerns about the sustainability of an Indian stock market boom that has attracted $17 billion of foreign inflows over the past year.

Some analysts question the company's valuation and path to profitability due to the fact that Paytm shareholders include big-name investors like Warren Buffett's Berkshire Hathaway Inc. and Masayoshi Son's SoftBank Group Corp. Macquarie Capital Securities India Ltd. has a price target of 1,200 rupees, about 32% less than the closing level of the stock on Wednesday.

Paytm Chief Executive Officer Vijay Shekhar Sharma, who stated last week that the stock's early tumble was no indication of the value of the company, said last week that the stock's early tumble was no indication of the long-standing IPO record set by Coal India Ltd. in 2010. Sharma said in an interview that we are in it for the long haul. We will put our heads down and execute. Axis Capital, Goldman Sachs Group Inc., ICICI Securities, JPMorgan Chase Co., Citigroup Inc. and HDFC Bank Ltd. were arranged for the $2.5 billion offering by Paytm, formally known as One 97 Communications Ltd.

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