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Paytm, an Indian e-commerce company, is expected to file a draft prospectus for an IPO for $2.3 billion next week.
Reuters photo
Scott Murdoch, Sankalp Phartiyal, July 5, 2021
According to two persons familiar with the subject, One97 Communications Ltd, the parent company of Indian payments provider Paytm, will file a draft prospectus for a domestic initial public offering (IPO) as early as July 12 in order to raise $2.3 billion.
The funds will be obtained through the sale of new Paytm stock as well as a secondary offering of shares, with a valuation of $24 billion to $25 billion estimated, according to the sources, who declined to be identified because the subject is private.
According to the sources, the prospectus will be filed shortly after Paytm’s extraordinary general meeting (EGM) of shareholders on July 12 in Delhi.
Paytm did not respond to a request for comment.
According to Reuters, Paytm is seeking shareholder approval at the EGM to offer up to 120 billion rupees ($1.61 billion) in new stock and maintain an option to retain an over-subscription of up to 1%. Its investors include Alibaba of China and SoftBank of Japan.
According to the sources, JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi, and HDFC Bank have been hired to help with the IPO.
Citi and ICICI Sec did not respond to requests for comment. Requests for comment from other banks were not immediately returned.
Reuters
Paytm One97 Communications Ltd
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