Tech

Paytm is raising about $ 3 billion in what could be India’s largest IPO so far: Report

The digital payments industry has grown exponentially due to a pandemic that forced people to go online. Among the companies that have benefited most from this unprecedented surge is Paytm, one of the most valuable Indian technology companies and one of the country’s leading digital payment providers. On Thursday, Paytm made a headline for another reason. Bloomberg report The payment giant was aiming to raise about 21,800 chlores ($ 3 billion) in an initial public offering later this year. This could be the biggest debut in the country.

If the company completes its IPO in November (hence Diwali) and succeeds, it will be India’s largest IPO to date, replacing the 2010 Coal India Limited IPO of 15,000 Chlore from the top position.

Paytm’s investors include Berkshire Hathaway Inc., SoftBank Group Corp. and Ant Group Co. The company is currently said to be targeting a valuation of approximately $ 25-30 billion. According to the report, they have already appointed investment banks and lawyers to work on the IPO.

“The company has appointed law firm Khaitan to begin work on the proposed IPO. Khaitan will serve as the principal legal advisor to the IPO company. To represent the company’s investors, etc. Several law firms are also hired. These are the early stages of the IPO process, the exact details of the stock sale, the amount the company raises for growth, the amount the investor sells the stock, and The amount hasn’t been settled yet, “said one person. Bloomberg. ..

Investment banks Morgan Stanley, Citibank and JP Morgan have joined to manage the IPO and the process may begin in late June or early July.

With over 20 million merchant partners and 1.4 billion monthly deals, Vijay Sekhar Sharma’s Paytm is a leader in the digital payments market, competing with Google Pay, Amazon Pay, PhonePe and other players in a highly competitive market. doing. It offers services such as banking, credit cards, financial services, wealth management and digital wallets, as well as supporting India’s financial payments backbone, Unified Payments Interface or UPI. More recently, the first quarter of 2021 was the highest quarter ever, with a focus on increasing revenue and monetizing services.

Paytm has joined Zomato, CarTrade, PolicyBazaar and Mobikwik for a domestic IPO and is looking forward to the domestic IPO again this year. Listings include new and existing shares to ensure compliance with India’s regulatory requirements of fluctuating 10% shares within 2 years and 25% shares within 5 years.

Paytm is raising about $ 3 billion in what could be India’s largest IPO so far: Report

Source link Paytm is raising about $ 3 billion in what could be India’s largest IPO so far: Report

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