Friday, November 22

Paytm to file DRHP for $2.3 billion IPO on July 12

New Delhi, 5th July 2021: India’s leading payment service provider which accounts for around 60% of online payment transactions Paytm will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, as per the reports by Reuters.

The money will be raised via the sale of Paytm stocks in the Indian stock market at an expected valuation of $24 billion to $25 billion with an option to raise more amount at a later stage.

One97 Communications Ltd, the parent of Indian payments firm proposed a $2.3 billion IPO, that will make it India’s third-biggest public listing after Coal India in 2010 and Reliance Power in 2008.

The prospectus will be filed shortly after Paytm’s extraordinary general meeting (EGM) of shareholders in Delhi on July 12, possibly on the same day, the sources added.

SoftBank holds a 20% stake in One97 Communications, while Alibaba acquired a 30% stake in the company.

There were $3.6 billion worth of IPOs in India in the first half of 2021, up from $1.1 billion. The level so far this year is the highest since 2008, the data showed. Sona BLW Precision Forgings raised $757.4 million in its June IPO which was the biggest listing in India this year.