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2021-11-17
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Paytm’s Mega IPO Is Priced for Perfection<blockquote>Paytm 的大型 IPO 定价完美</blockquote>
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Not, however, a Chinese one.</p><p><blockquote>中国亿万富翁马云可能最终会通过一家移动支付巨头的首次公开募股套现。然而，不是中国的。</blockquote></p><p> One97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO. China’s Ant Group, backed by Mr. Ma, is the company’s largest shareholder with an approximately 28% stake. Its affiliate company Alibaba also owns a roughly 7% stake. Both companies are set for a windfall: They first invested in Paytm in 2015, when its valuation was much lower. Paytm’s offer price values the company at nearly $20 billion. Ant itself failed to go public one year agoas regulators halted its IPO at the last minute.</p><p><blockquote>拥有印度领先的移动支付公司之一 Paytm 的 One97 Communications 将于周四在印度有史以来规模最大的 IPO 中上市。由马先生支持的蚂蚁集团是该公司的最大股东，持有约 28% 的股份。其附属公司阿里巴巴-SW也拥有大约7%的股份。两家公司都将获得意外之财：他们在 2015 年首次投资 Paytm，当时其估值要低得多。Paytm 的要约价格对该公司的估值接近 200 亿美元。蚂蚁公司本身一年前未能上市，监管机构在最后一刻叫停了其IPO。</blockquote></p><p> Other well-known billionaire investors are also set for a payday.Warren Buffett’s Berkshire Hathaway and Masayoshi Son’s SoftBank are other backers of the Indian company. SoftBank’s investments in China, including Alibaba,have suffered under that country’s regulatory crackdown. It’s a different story in India. In addition to Paytm, other Indian startups backed by SoftBank have gone public or plan to this year,taking advantage of the buoyant market.</p><p><blockquote>沃伦-巴菲特（Warren Buffett）的伯克希尔-哈撒韦公司（Berkshire Hathaway）和孙正义（Masayoshi Son）的软银公司（SoftBank）也是这家印度公司的其他支持者。软银在中国的投资，包括阿里巴巴，都受到了中国监管打压的影响。印度的情况则不同。除了Paytm之外，软银支持的其他印度初创公司也已上市或计划在今年上市，利用了市场的活跃。</blockquote></p><p> Mobile payments have taken off in India in recent years, as the cost of smartphones and mobile plans have dropped. Banking services are relatively underdeveloped and so mobile payments have become one of the easiest ways to access financial services, similar to what has happened in China. The 2016 launch of Unified Payments Interface, an open system regulated by the central bank, has also helped mobile payments become more popular.</p><p><blockquote>近年来，随着智能手机和移动套餐成本的下降，移动支付在印度蓬勃发展。银行服务相对不发达，因此移动支付已成为获取金融服务最便捷的方式之一，类似于中国的情况。2016年推出由央行监管的开放系统统一支付接口，也帮助移动支付更加普及。</blockquote></p><p> Investors are excited about India because e-commerce is still at a relatively early stage, given that around half of the population doesn’t even use the internet. Total payments made to merchants on Paytm’s app grew 76% in the past two years to 4 trillion rupees in the fiscal year ended March, the equivalent of $54 billion.</p><p><blockquote>投资者对印度感到兴奋，因为电子商务仍处于相对早期的阶段，因为大约一半的人口甚至不使用互联网。在过去两年中，通过 Paytm 应用程序向商家支付的款项总额增长了 76%，在截至 3 月份的财年中达到了 4 万亿卢比，相当于 540 亿美元。</blockquote></p><p> Paytm has borrowed the playbook of its Chinese investors. Payments are fundamentally just a way to grow its user base. The company is actually banking on selling high-margin financial services to its 337 million customers. Paytm disbursed 1.4 million loans for the quarter ending in June, compared with 23,000 a year earlier. Bernstein expects financial services will be 19% of its revenue in the fiscal year ending March 2027, up from 5% currently. Paytm has also leapt aboardthe latest trend in paymentswith its own buy-now, pay-later service. Fintech companies fromPayPalto Square are all jumping into the space.</p><p><blockquote>Paytm借鉴了中国投资者的剧本。支付从根本上来说只是扩大用户群的一种方式。该公司实际上指望向其 3.37 亿客户销售高利润金融服务。截至 6 月份的季度，Paytm 发放了 140 万笔贷款，而去年同期为 23,000 笔。伯恩斯坦预计，截至 2027 年 3 月的财年，金融服务将占其收入的 19%，高于目前的 5%。Paytm 还凭借其自己的“先买后付”服务，顺应了最新的支付趋势。Paypalto Square 的金融科技公司都在进入这个领域。</blockquote></p><p> That growth potential is probably why investors are paying a premium even though Paytm remains in the red. At the IPO price, Paytm is trading at 50 times last fiscal year’s revenue. PayPal is trading at 10 times.</p><p><blockquote>尽管 Paytm 仍处于亏损状态，但这种增长潜力可能就是投资者支付溢价的原因。按 IPO 价格计算，Paytm 的交易价格是上一财年收入的 50 倍。PayPal的交易价格是 10 倍。</blockquote></p><p> Such lofty heights may be justified—if Paytm continues to grow at a stellar pace. But it’s also facing strong competition. Google andWalmart’sPhonePe have big market share in the peer-to-peer payments market and could be formidable rivals. WhatsApp, which has partnered with mobile carrier Jio,controlled by India’s richest man, is another potential challenger.</p><p><blockquote>如果 Paytm 继续以惊人的速度增长，如此崇高的高度可能是合理的。但它也面临着激烈的竞争。谷歌和沃尔玛的 sPhonePe 在点对点支付市场占有很大的市场份额，可能是强大的竞争对手。WhatsApp 与印度首富控制的移动运营商 Jio 合作，是另一个潜在的挑战者。</blockquote></p><p> Regulation is another risk. Ant’s ambitions were sunk in part by Beijing’s decision toregulate the company more like a bank. Future moves by Indian regulators may not be as drastic. But tighter regulation of consumer internet firms is a global trend.</p><p><blockquote>监管是另一个风险。中国政府决定像银行一样对蚂蚁进行监管，这在一定程度上挫败了蚂蚁的雄心壮志。印度监管机构未来的举措可能不会那么激烈。但对消费互联网公司更严格的监管是全球趋势。</blockquote></p><p> Paytm investors are betting everything goes right at current prices. New Delhi—and the competition—might have different ideas.</p><p><blockquote>Paytm 投资者押注目前的价格一切顺利。新德里和竞争对手可能有不同的想法。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Paytm’s Mega IPO Is Priced for Perfection<blockquote>Paytm 的大型 IPO 定价完美</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPaytm’s Mega IPO Is Priced for Perfection<blockquote>Paytm 的大型 IPO 定价完美</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-11-17 21:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Chinese billionaire Jack Ma may finally cash out through the initial public offering of a mobile payments giant. Not, however, a Chinese one.</p><p><blockquote>中国亿万富翁马云可能最终会通过一家移动支付巨头的首次公开募股套现。然而，不是中国的。</blockquote></p><p> One97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO. China’s Ant Group, backed by Mr. Ma, is the company’s largest shareholder with an approximately 28% stake. Its affiliate company Alibaba also owns a roughly 7% stake. Both companies are set for a windfall: They first invested in Paytm in 2015, when its valuation was much lower. Paytm’s offer price values the company at nearly $20 billion. Ant itself failed to go public one year agoas regulators halted its IPO at the last minute.</p><p><blockquote>拥有印度领先的移动支付公司之一 Paytm 的 One97 Communications 将于周四在印度有史以来规模最大的 IPO 中上市。由马先生支持的蚂蚁集团是该公司的最大股东，持有约 28% 的股份。其附属公司阿里巴巴-SW也拥有大约7%的股份。两家公司都将获得意外之财：他们在 2015 年首次投资 Paytm，当时其估值要低得多。Paytm 的要约价格对该公司的估值接近 200 亿美元。蚂蚁公司本身一年前未能上市，监管机构在最后一刻叫停了其IPO。</blockquote></p><p> Other well-known billionaire investors are also set for a payday.Warren Buffett’s Berkshire Hathaway and Masayoshi Son’s SoftBank are other backers of the Indian company. SoftBank’s investments in China, including Alibaba,have suffered under that country’s regulatory crackdown. It’s a different story in India. In addition to Paytm, other Indian startups backed by SoftBank have gone public or plan to this year,taking advantage of the buoyant market.</p><p><blockquote>沃伦-巴菲特（Warren Buffett）的伯克希尔-哈撒韦公司（Berkshire Hathaway）和孙正义（Masayoshi Son）的软银公司（SoftBank）也是这家印度公司的其他支持者。软银在中国的投资，包括阿里巴巴，都受到了中国监管打压的影响。印度的情况则不同。除了Paytm之外，软银支持的其他印度初创公司也已上市或计划在今年上市，利用了市场的活跃。</blockquote></p><p> Mobile payments have taken off in India in recent years, as the cost of smartphones and mobile plans have dropped. Banking services are relatively underdeveloped and so mobile payments have become one of the easiest ways to access financial services, similar to what has happened in China. The 2016 launch of Unified Payments Interface, an open system regulated by the central bank, has also helped mobile payments become more popular.</p><p><blockquote>近年来，随着智能手机和移动套餐成本的下降，移动支付在印度蓬勃发展。银行服务相对不发达，因此移动支付已成为获取金融服务最便捷的方式之一，类似于中国的情况。2016年推出由央行监管的开放系统统一支付接口，也帮助移动支付更加普及。</blockquote></p><p> Investors are excited about India because e-commerce is still at a relatively early stage, given that around half of the population doesn’t even use the internet. Total payments made to merchants on Paytm’s app grew 76% in the past two years to 4 trillion rupees in the fiscal year ended March, the equivalent of $54 billion.</p><p><blockquote>投资者对印度感到兴奋，因为电子商务仍处于相对早期的阶段，因为大约一半的人口甚至不使用互联网。在过去两年中，通过 Paytm 应用程序向商家支付的款项总额增长了 76%，在截至 3 月份的财年中达到了 4 万亿卢比，相当于 540 亿美元。</blockquote></p><p> Paytm has borrowed the playbook of its Chinese investors. Payments are fundamentally just a way to grow its user base. The company is actually banking on selling high-margin financial services to its 337 million customers. Paytm disbursed 1.4 million loans for the quarter ending in June, compared with 23,000 a year earlier. Bernstein expects financial services will be 19% of its revenue in the fiscal year ending March 2027, up from 5% currently. Paytm has also leapt aboardthe latest trend in paymentswith its own buy-now, pay-later service. Fintech companies fromPayPalto Square are all jumping into the space.</p><p><blockquote>Paytm借鉴了中国投资者的剧本。支付从根本上来说只是扩大用户群的一种方式。该公司实际上指望向其 3.37 亿客户销售高利润金融服务。截至 6 月份的季度，Paytm 发放了 140 万笔贷款，而去年同期为 23,000 笔。伯恩斯坦预计，截至 2027 年 3 月的财年，金融服务将占其收入的 19%，高于目前的 5%。Paytm 还凭借其自己的“先买后付”服务，顺应了最新的支付趋势。Paypalto Square 的金融科技公司都在进入这个领域。</blockquote></p><p> That growth potential is probably why investors are paying a premium even though Paytm remains in the red. At the IPO price, Paytm is trading at 50 times last fiscal year’s revenue. PayPal is trading at 10 times.</p><p><blockquote>尽管 Paytm 仍处于亏损状态，但这种增长潜力可能就是投资者支付溢价的原因。按 IPO 价格计算，Paytm 的交易价格是上一财年收入的 50 倍。PayPal的交易价格是 10 倍。</blockquote></p><p> Such lofty heights may be justified—if Paytm continues to grow at a stellar pace. But it’s also facing strong competition. Google andWalmart’sPhonePe have big market share in the peer-to-peer payments market and could be formidable rivals. WhatsApp, which has partnered with mobile carrier Jio,controlled by India’s richest man, is another potential challenger.</p><p><blockquote>如果 Paytm 继续以惊人的速度增长，如此崇高的高度可能是合理的。但它也面临着激烈的竞争。谷歌和沃尔玛的 sPhonePe 在点对点支付市场占有很大的市场份额，可能是强大的竞争对手。WhatsApp 与印度首富控制的移动运营商 Jio 合作，是另一个潜在的挑战者。</blockquote></p><p> Regulation is another risk. Ant’s ambitions were sunk in part by Beijing’s decision toregulate the company more like a bank. Future moves by Indian regulators may not be as drastic. But tighter regulation of consumer internet firms is a global trend.</p><p><blockquote>监管是另一个风险。中国政府决定像银行一样对蚂蚁进行监管，这在一定程度上挫败了蚂蚁的雄心壮志。印度监管机构未来的举措可能不会那么激烈。但对消费互联网公司更严格的监管是全球趋势。</blockquote></p><p> Paytm investors are betting everything goes right at current prices. New Delhi—and the competition—might have different ideas.</p><p><blockquote>Paytm 投资者押注目前的价格一切顺利。新德里和竞争对手可能有不同的想法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/paytms-mega-ipo-is-priced-for-perfection-11637155277?siteid=yhoof2\">Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://www.wsj.com/articles/paytms-mega-ipo-is-priced-for-perfection-11637155277?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136886899","content_text":"Chinese billionaire Jack Ma may finally cash out through the initial public offering of a mobile payments giant. Not, however, a Chinese one.\nOne97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO. China’s Ant Group, backed by Mr. Ma, is the company’s largest shareholder with an approximately 28% stake. Its affiliate company Alibaba also owns a roughly 7% stake. Both companies are set for a windfall: They first invested in Paytm in 2015, when its valuation was much lower. Paytm’s offer price values the company at nearly $20 billion. Ant itself failed to go public one year agoas regulators halted its IPO at the last minute.\nOther well-known billionaire investors are also set for a payday.Warren Buffett’s Berkshire Hathaway and Masayoshi Son’s SoftBank are other backers of the Indian company. SoftBank’s investments in China, including Alibaba,have suffered under that country’s regulatory crackdown. It’s a different story in India. In addition to Paytm, other Indian startups backed by SoftBank have gone public or plan to this year,taking advantage of the buoyant market.\nMobile payments have taken off in India in recent years, as the cost of smartphones and mobile plans have dropped. Banking services are relatively underdeveloped and so mobile payments have become one of the easiest ways to access financial services, similar to what has happened in China. The 2016 launch of Unified Payments Interface, an open system regulated by the central bank, has also helped mobile payments become more popular.\nInvestors are excited about India because e-commerce is still at a relatively early stage, given that around half of the population doesn’t even use the internet. Total payments made to merchants on Paytm’s app grew 76% in the past two years to 4 trillion rupees in the fiscal year ended March, the equivalent of $54 billion.\nPaytm has borrowed the playbook of its Chinese investors. Payments are fundamentally just a way to grow its user base. The company is actually banking on selling high-margin financial services to its 337 million customers. Paytm disbursed 1.4 million loans for the quarter ending in June, compared with 23,000 a year earlier. Bernstein expects financial services will be 19% of its revenue in the fiscal year ending March 2027, up from 5% currently. Paytm has also leapt aboardthe latest trend in paymentswith its own buy-now, pay-later service. Fintech companies fromPayPalto Square are all jumping into the space.\nThat growth potential is probably why investors are paying a premium even though Paytm remains in the red. At the IPO price, Paytm is trading at 50 times last fiscal year’s revenue. PayPal is trading at 10 times.\nSuch lofty heights may be justified—if Paytm continues to grow at a stellar pace. But it’s also facing strong competition. Google andWalmart’sPhonePe have big market share in the peer-to-peer payments market and could be formidable rivals. WhatsApp, which has partnered with mobile carrier Jio,controlled by India’s richest man, is another potential challenger.\nRegulation is another risk. Ant’s ambitions were sunk in part by Beijing’s decision toregulate the company more like a bank. Future moves by Indian regulators may not be as drastic. But tighter regulation of consumer internet firms is a global trend.\nPaytm investors are betting everything goes right at current prices. New Delhi—and the competition—might have different ideas.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":3150,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/878144857"}
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