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Paytm, backed by SoftBank, submits draft documents for a $2.2 billion IPO in India.
Reuters photo
Reuters, 16 July 2021
Paytm, a SoftBank-backed Indian digital payments firm, has filed for an IPO for up to 166 billion rupees ($2.23 billion), according to draft papers filed with the country’s market regulator on Friday.
Paytm, which is backed by Berkshire Hathaway Inc, China’s Ant Group, and Japan’s SoftBank, said the IPO will involve an issue of new shares worth 83 billion rupees and an offer for sale for 83 billion rupees.
The Noida-based firm, which is owned by One97 Communications Ltd, stated that the IPO proceeds would be used to strengthen its payment ecosystem as well as new business initiatives and acquisitions.
The IPO’s booked running managers are JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi, and HDFC Bank.
Reuters
Paytm
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Markets & Initial Public Offerings
Paytm, an Indian e-commerce company, is proposing a $268 million share sale ahead of its IPO.
One97 Communications Ltd, Paytm’s parent company, is planning an initial public offering (IPO) for $2.3 billion.
People
Paytm’s head of financial services and HR chief both resigned before of the company’s IPO.
Paytm’s president, Amit Nayyar, and top HR officer, Rohit Thakur, both left the company last month.
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