About 350 current and ex-employees will each have a net worth of at least 10 million Indian rupees ($134,401.38) after Paytm’s $2.5 billion IPO, a source in the company told Reuters.
Those rewards are huge in a country where the per capita income is below $2,000.
Each of these Paytm employees will now have a net worth of at least Rs 1 crore, according to a Reuters report.
Notably, with the Rs 18,300-crore share sale, the Paytm IPO has become the largest fintech IPO in the Asia Pacific region.
Electronics engineer Siddharth Pandey, who had joined Paytm nine years ago, much to his father’s objection, is among those who are set to become millionaires after the company lists next week.
Although Pandey, no longer works for Paytm (he has joined another start-up), he said that in the seven years he was with the company, he had accumulated tens of thousands of shares.
Those shares were priced at Rs 2,150 apiece on November 12, which means, he would be worth over $1 million soon.
Speaking fondly of the company’s founder, Pandey said: “Paytm has always been a generous paymaster. Vijay Shekhar Sharma, (the Paytm founder) has always wanted that people make money, they move up in life.”