Paytm’s $2.5 billion IPO mints new millionaires in India

Indian electronics engineer Siddharth Pandey will become a millionaire after the country’s biggest ever public issue, but he says he had to overcome his father’s opposition to join fintech firm Paytm when it was a fledgling start-up nine years ago.

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. Many, like Pandey, will become dollar millionaires when the company lists next week.

Those rewards are huge in a country where the per capita income is below $2,000.