Brokerage firm Macquaire Research has written a note to its clients that PayTM's business model lacks 'focus and direction' and initiated coverage with an 'underperform rating'.
Nykaa plans to use the proceeds from the Rs 5,300 crore IPO in expansion of its business operations, launching new retail stores and establishing new warehouses.
Investors had invested their money in Bombay Oxygen Corporation Ltd thinking it is into the production of oxygen, but the company is listed as an NBFC on Bombay Stock Exchange.