SFTBY - One97 Communications falls nearly 40% below IPO price on heavy selling pressure: WSJ

Shares of India-based mobile payments servicer One97 Communications (ONSC), the parent company of fintech giant Paytm (PAYTM), falls 13% on Monday as heavy selling pressure persists, the Wall Street Journal reports. As of Monday's close, ONSC is 37% below last Thursday's initial public offering price. On the same day, the stock price drop cut the equivalent of about $904M from the value of shares sold in the IPO, according to the WSJ. Note that One97 Communications (ONSC) sold the equivalent of $2.46B worth of shares in India's largest IPO, the WSJ notes. Some of the well-known backers in the IPO include SoftBank Group's Vision Fund (OTCPK:SFTBY) (OTCPK:SFTBF), Warren Buffet's Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) and Jack Ma's Ant Group. One97 Communications' (ONSC) "business fundamentals are weak and it was priced for perfection," Aletheia Capital Co-founder Prashant Gokhale told the WSJ. "Their key challenge is, they've got the community, how do you then monetize it -

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One97 Communications falls nearly 40% below IPO price on heavy selling pressure: WSJ