Paytm IPO To Open On November 8. Key Things To Know
Paytm's Rs 18,300 crore initial public offering (IPO) will open on November 8. The IPO of Paytm, earlier known as One97 Communications, will consist of a fresh issue of Rs 8,300 crore and an offer for sale of Rs 10,000 crore by founder Vijay Shekhar Sharma and others. The company has fixed the price band at Rs 2,080-2,150. The primary market offering will close on November 10 and the shares are likely to be listed on the BSE and NSE.
Paytm IPO will be the largest primary market issue in the history of India Inc, surpassing that of Coal India. Coal India had raised Rs 15,000 crore more than a decade ago. Paytm was earlier planning to raise Rs 16,600 crore, but revised the amount to Rs 18,300 crore in wake of heightened investor interest.
Besides Vijay Shekhar Sharma, Ant Financials, Alibaba and SAIF III Mauritius Company will offload their stake in Paytm through the primary market offering.
The Noida-based company will utilize the primary proceeds for customer and merchant acquisition, to invest in new business initiatives and for strategic partnerships, and for general corporate purposes.
One97 Communications is the parent company of Paytm. Founded by Vijay Shekhar Sharma in 2000, One97 Communications began its journey as a value-added service provider and evolved to become an online mobile payments company. Paytm is backed by China's Alibaba and Ant Group, Japan's SoftBank and Warren Buffett-owned Berkshire Hathaway, among others.
JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank are the booking running managers for the Paytm IPO.
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