HomeCURRENT AFFAIRSBUSINESSPaytm IPO To Open On November 8

Paytm IPO To Open On November 8

Paytm has on Wednesday fixed the price band for its forthcoming initial public offering (IPO) at Rs 2,080-2,150 per share. The mega IPO will hit the primary market on November 8. The company has decided to increase the IPO size to Rs 18,300 crore from Rs 16,600 crore, citing good response in the roadshows.

The company which had planned a Diwali listing got delayed on its plans by over a week following a delay in approval by the Securities and Exchange Board of India (SEBI).

Investment banks, including Morgan Stanley, Goldman Sachs Group, Citigroup, and ICICI Securities, are managing the share sale. The Securities and Exchange Board of India cleared the Noida-based digital payments company’s IPO, last week.

Paytm is currently India’s second most-valuable internet company, last valued at $16 billion when it raised a billion dollars in November 2019 led by T Rowe Price, Discovery Capital and D1 Capital.

The public offer is expected to take the company’s valuation to $20 billion.

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Paytm IPO will be the largest primary market issue in the history of India Inc, surpassing that of Coal India. Coal India Ltd.’s first-time share sale in 2010 totaling 155 billion rupees is the country’s largest IPO to date.

Besides Vijay Shekhar Sharma, Ant Financials, Alibaba and SAIF III Mauritius Company will offload their stake in Paytm through the primary market offering.

The Noida-based company will utilize the primary proceeds for customer and merchant acquisition, to invest in new business initiatives and for strategic partnerships, and for general corporate purposes.

The 11-year-old Paytm, led by founder and chief executive Vijay Shekhar Sharma, has expanded beyond digital payments into newer categories of lending, gaming, wealth management, financial services, and digital commerce.

(For more updates stay tuned with DNP India)

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