Paytm all set to launch India's largest ever IPO
Paytm IPO: One97 Communications, the parent entity that houses Paytm, is all set to launch India's biggest initial public offering (IPO) as the fintech firm receives Sebi approval for the same.
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Paytm IPO: One97 Communications, the parent entity that houses Paytm, is all set to launch India's biggest initial public offering (IPO) as the fintech firm receives Sebi approval for the same.
The Rs 16,600 crore IPO will be the country's largest such offer ever. If successful, this will reflect the maturity of India's internet startup ecosystem.
In a tweet, Paytm's founder Vijay Shekhar Sharma though not confirmed the approval to the IPO but responded to an employee's congratulation message on the same saying, "How can I even express in words, my deepest gratitude for teammates like him?"
Sebi's approval for the Paytm IPO comes when a slew of new-age internet firms have started process to go public by filing the draft red herring prospectus with the market regulator. After the successful listing of Zomato on exchanges, a host of startups including Paytm, Nykaa, PolicyBazaar, MobiKwik, Pine Labs and Delhivery are at various stages of their IPO plan. Earlier, Nykaa has received Sebi approval for going public and the IPO will open on October 28. Indian-origin Freshworks Inc. got listed on US-based Nasdaq in September.
According to the draft IPO documents of Paytm, the fintech firm plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale route. During this share sale, Paytm founder and Alibaba group firms will dilute some of their stake in the upcoming IPO.
