SEBI approves Paytm for Rs16,600 crore IPO
By MYBRANDBOOK
One97 Communications, the parent company of home-grown payments major Paytm, has received approval from market regulator SEBI for its Rs16,600-crore initial public offering.
The offer will make Paytm IPO the largest listing after public sector miner Coal India’s Rs 15,990 crore IPO in 2010 and Reliance Power in 2008. Zomato’s Rs 9,375-crore IPO this year was the biggest public offering in more than a decade.
According to the draft IPO documents filed by the company, One97 Communications plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale (OFS) route.
Vijay Shekhar Sharma, Antfin (Netherlands) Holding, Alibaba Singapore, E-commerce Elevation Capital SAIF-III Mauritius / SAIF Partners India and BH International Holdings are likely to sell part of their holding in the IPO.
Antfin (Netherlands) Holdings BV, part of China’s Ant Group, is the largest shareholder for Paytm, holding 29.6% of the pre-offer paid-up equity share capital. Founder Vijay Shekhar Sharma directly owns 9.6% stake in Paytm.
The company was hoping to list on the Indian exchanges by Diwali. However, it might look at a timeline by mid-November to make its public debut.
It has been in talks with investors Abu Dhabi Investment Authority and Singapore’s GIC Pte to participate in the IPO. BlackRock Inc. and Nomura Holdings Inc. were also in discussions to bid for Paytm’s IPO.
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