Paytm Gets Approval For Launching India’s Biggest IPO At Rs 16,000 Crore
This would make the IPO the largest ever in India!
According to people familiar with the situation, One97 Communications, the parent company of fintech platform Paytm, has received approval from the SEBI for its Rs 16,600 crore IPO
The IPO which soon happen this year will include traditional energy and fuel companies such as Coal India (Rs15,475 crore IPO) and Reliance Power (Rs11,700 crore IPO), effectively signalling a shift in the economy from oil to data.
Paytm whose IPO will be valued at $30 billion, nearly twice its previous $16 billion valuations.
Paytm Gets SEBI’s Approval For Rs 16,600 Crore IPO!
Now we know that One97 Communications, the parent company of fintech platform Paytm, has received the nod from the Securities and Exchange Board of India (SEBI) for its IPO.
A fresh issue of equity shares with a face value of Rs 1 apiece, totalling Rs 8,300 crore, and an offer for sale by existing shareholders, totalling Rs 8,300 crore, make up the Rs 16,600 crore ($2.2 billion) offering.
The company intends to go public in mid-November. It submitted a draft in July.
More About One97
Vijay Shekhar Sharma started One97 in the year 2000.
So initially it started as a value-added service provider and now after all this years it has evolved into an online mobile payments company.
Paytm is presently India’s second most valuable Internet firm, with a market capitalization of $16 billion.