Sumary of BlackRock, Canada Pension bought more Paytm stock after rout:
- By Suvashree Ghosh and Baiju KaleshSeveral 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.
- BlackRock Inc. and Canada Pension Plan Investment Board were among so-called anchor investors in the IPO that bought more Paytm shares on Tuesday and Wednesday, the people said, asking not to be identified discussing private information.
- Paytm’s early tumble ranked among the worst debuts by a major technology company since the dot-com bubble era of the late 1990s.
- While Paytm’s shareholders include big-name investors like Warren Buffett’s Berkshire Hathaway Inc. and Masayoshi Son’s SoftBank Group Corp.
- Paytm Chief Executive Officer Vijay Shekhar Sharma, who made no secret of his desire for his company to surpass the long-standing IPO record set by Coal India Ltd. in 2010, said last week that the stock’s early tumble was “no indicator of the value of our company.