It is reported that the IPO (initial public offering) plan of Indian payment and financial services provider Paytm 166 billion rupees (US $2.2 billion) has been approved by the Indian Securities and Exchange Commission (SEBI).
Reported that in this IPO, Paytm will issue up to 83 billion rupees ($1.1 billion) of new shares. In addition, theSoftbank Corp.Existing shareholders, such as Berkshire Hathaway, have offered to sell shares worth 83 billion rupees.
On July 16, Paytm filed to go public and plans to raise $2.2 billion through IPO. This will be another high-profile IPO in India after Zomato, an online food distribution platform, and the largest IPO in India to date.
It was reported at the end of July that Paytm is expected to launch IPO by the end of October and is awaiting regulatory approval. In addition, Paytm expects the company to break even within 18 months.
According to the draft prospectusJPMorgan Chase & Co、Morgan Stanley, ICICI Securities,Goldman Sachs Group, Axis Capital, Citigroup and HDFC Bank Ltd are the lead bookrunners of Paytm IPO.
One97 Communications, the parent company of Paytm, said the IPO proceeds would be used to strengthen the payment ecosystem, develop new businesses, and mergers and acquisitions.
Paytm has the largest market share in Indian merchants' payments. According to the data, Paytm has more than 20 million merchant partners and users conduct 1.4 billion transactions per month. Its main competitors includeWalmart IncIts PhonePe,Alphabet Inc-CL CPayment,AmazonPayment, andFacebook IncIts WhatsApp Pay.