(Bloomberg) -- BlackRock Inc., Canada Pension Plan Investment Board and sovereign wealth funds such as that of Singapore are among bidders for the $1.1 billion of shares Paytm is seeking to sell to institutional investors as part of its initial public offering, according to a person with knowledge of the matter.
The firm, formally known as One97 Communications Ltd., is looking to sell some 82.5 billion rupees ($1.1 billion) of shares -- almost half its 183 billion-rupee IPO -- to more than 50 so-called anchor investors, the person said, asking not to be identified as the details are private. This round is due to close Nov. 3 and details may change, the person added.
A representative for Paytm declined to comment.
The size of the anchor book -- in line with the size of the IPO -- would be the largest ever in India so far. A blistering rally in the nation's stock market has encouraged startups to choose to list on the public markets, offering early investors a chance to cash in some gains and ushering a new set of long-term investors who are betting on India's economic prospects and demographic fundamentals.
Paytm's IPO will be priced in the range of 2,080-2,150 rupees a share and is due to run Nov. 8-10 for public subscription. The digital payments company is aiming for a mid-November listing.
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