Ant Group-backed fintech firm Paytm said it has allotted shares worth Rs. 8235 crore to over 100 institutional investors including the Singapore government, which is ahead of what is expected to be India’s largest stock exchange list.
of paytm 18,300 crore, which was increased last month from Rs. 16,600 crore, received interest from 122 institutional investors who bought over 38.3 million shares for Rs. According to a regulatory document dated November 3, 2,150 each,
black Rock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors.
Launched a decade ago as a platform for mobile recharging, Paytm grew rapidly after the ride-hailing firm Uber It is listed as an instant payment option. Its use increased further in 2016 when the ban on high-denomination currency banknotes in India promoted digital payments.
Paytm has since forayed into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.
The company’s offer will open on Monday and top investors Ant FinancialWith a 27.9 percent stake in Paytm, it plans to sell shares worth Rs. 4,704 crores.
Several companies, including Paytm, have tapped into the capital market in a fund-raising frenzy at record highs in the Indian stock market this year, which has outperformed Asian peers so far this year.
In India, 157 companies, including TPG-backed Nykaa, OYO Hotels & Rooms and online insurance aggregator PolicyBazaar, raised $8.54 billion through IPOs this year (approximately Rs. Rs.63,569 crore in the same period last year, according to 49 companies) Were.
Paytm’s IPO is likely to be the biggest in the corporate history of the country, breaking the record held by Coal India Ltd., which raised Rs. 15,000 crore more than a decade ago.
© Thomson Reuters 2021