Paytm IPO: Noida-based fintech company Paytm is preparing to raise Rs 16,600 crore from IPO. People with knowledge of the matter said that the company will submit an application to SEBI on July 12.
Paytm also has to get board approval for its IPO. The company is about to seek approval from the board to raise Rs 19,318 crore ($2.6 billion). If the company’s proposal is approved by the board, then it will be the third largest IPO in the country. Earlier, Coal India ($3.3 billion) and Reliance Power ($2.4 billion) had issued the biggest issue.
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Last month, Paytm had said in a note to its shareholders that investors would also sell their stake.
Paytm is trying to get a valuation of $24 billion to $30 billion for its issue. The issue of the company may come in November this year.
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China’s Alibaba, Japan’s SoftBank have investments in this company. Paytm is currently valued at $16 billion.
Among the stakeholders of Paytm is Ant Group of China’s Alibaba. It holds the highest 29.71 per cent stake in the company. At number two is SoftBank Vision Fund with 19.63 per cent stake. SAIF Partners holds 18.56 per cent stake. The promoter of the company, Vijay Shekhar Sharma, holds 14.67 per cent stake.
AGH Holding, T Rowe Price and Discovery Capital, Berkshire Hathaway hold less than 10 per cent stake in the company.
Paytm is set to raise Rs 12,000 crore through the issue. For this, an Extraordinary General Meeting (EGM) is being held on July 12 in which the approval of the shareholders will be taken to issue the issue.
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