If the company attains the target IPO target, it will be the largest offer in India
Paytm has received a go-ahead to raise Rs 22,000 crore via an IPO, India Today reports. The digital payments and financial services provider received the IPO approval from the board of directors. The IPO is set for this year’s October-December quarter.
The company is aiming for over Rs 2 lakh crore for the initial public offer. The offer will also give the existing directors a chance to drop some of their Paytm stake.
The company’s shareholders include Softbank Vision Fund (19.63%), Vijay Shekhar Shamar (14.67%, Alibaba’s Ant Group (29.71%) and Saif Partners (18.56%). T Rowe Price and Discovery Capital, AGH Holdings and Berkshire Hathaway own less than 10% Paytm stake.
The company claims to be 30-50% sizeable compared to mobile apps in the same sector with more than 1.4 billion business deals per month. In the fiscal year 2019-20, the firm reported a revenue increase to Rs 3,629 crore and a 40% loss.
We’ve reported that Paytm launched same-day bank settlement facility for businesses.