Paytm files papers for ₹16,600 cr IPO

Paytm IPO

Paytm IPO

One97 Communications Ltd, the owner of the Paytm payment application, will go public on Friday at a price of ₹16,600crores subject to market regulator approval, making it the largest IPO in the country.

As part of the IPO, India's most valuable startup will sell new shares worth 8,300 crores, Paytm said in its preliminary share sale report. The existing shareholders will sell additional shares in the amount of ₹8,300 crores during the IPO.

Vijay's Shekhar Sharma Paytm hopes to capitalize on the demand for shares in the Indian internet company, which has seen an increase in the use of apps for online payments, shopping, and ordering products due to disruptions caused by the pandemic.

The sale of the new shares includes a pre-IPO of  ₹2,000crores, which the company will use for acquisitions, strategic initiatives, and new business entry. Earlier this year, Paytm applied for a new umbrella corporate license with the banking supervisor operating through the Foster Payments Network Ltd. consortium. Working with Ola Financial Services and fintech Zeta

The company plans to use the ₹ 4300 crores of the new edition to expand the existing field of activity and attract new dealers and customers. An investment banker well-versed in the discussion said the company could increase its offer by 20% based on feedback from a recent investment trip, as permitted by the rules of the Indian Securities and Exchange Commission (Sebi).



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