Tech

Paytm Obtains Regulatory Approval for India’s Largest IPO Source

File Photo: The Paytm app can be seen on the smartphone in this figure taken on July 13, 2021. REUTERS / Dado Ruvic / Illustration

October 22, 2021

By Sankalp Pharmatiyal

New Delhi (Reuters) -Indian fintech company Paytm has received approval from capital market regulators for a $ 2.2 billion stock market listing, which is likely to be India’s largest IPO, sources familiar with the matter said Friday Told Reuters.

Reuters previously reported that Paytm was planning an initial public offering around the end of October.

Supporting Ant Group, SoftBank Vision Fund, Berkshire Hathaway and others, the company posted an operating loss of $ 16.55 billion (221 million) from Rs 24.68 billion in the previous year for the fiscal year ended March 2021. Shrinked to dollars). One source told Reuters in July that Paytm is likely to reach the break-even point in 18 months.

Several first-generation domestic startups in India made their brilliant stock market debut in July and are preparing to go public on the domestic stock exchange, following food delivery company Zomato, which also counts Ant Group in China as a shareholder. doing.

Ant Group, which holds an approximately 30% stake, is Paytm’s largest shareholder.

Launched 10 years ago as a mobile charging platform, Paytm has grown rapidly after being listed as a quick payment option by ride-hailing service company Uber. Its use expanded even further in 2016, when the ban on high-value banknotes boosted digital payments.

Paytm has since expanded into services such as insurance and gold sales, movie and flight ticketing, bank deposits and money transfers.

($ 1 = 74.8880 Indian Rupee)

(Report by Sankalp Phartiyal, edited by Jason Neely and Susan Fenton)



Paytm Obtains Regulatory Approval for India’s Largest IPO Source

Source link Paytm Obtains Regulatory Approval for India’s Largest IPO Source

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