Paytm IPO: Rs 21,800 cr? If successful, would be the largest such offer? What we know so far - DETAILS
Paytm IPO News: The proposed Initial Public Offer (IPO), if successful, would be the largest such offer. Coal India's Rs 15,200 crore-IPO in 2010 is the country's largest one till date, the report added.
Paytm IPO News: In a major development, it has been reported that digital payments giant Paytm is planning to come out with an initial public offer worth USD 3 billion later this year, according to sources, as per a report by PTI. The proposed Initial Public Offer (IPO), if successful, would be the largest such offer. Coal India's Rs 15,200 crore-IPO in 2010 is the country's largest one till date, the report added.
The SoftBank and Alibaba-backed company is looking at raising about USD 3 billion (over Rs 21,700 crore) at a valuation of well over USD 25 billion, the sources privy to the development said, as per the PTI report. The fintech major's board is expected to meet on Friday to discuss the IPO proposal, they added.
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Paytm declined to comment on the matter.
A number of young businesses in the country, including Policybazaar, Nykaa, Delhivery and MobiKwik, are also reportedly firming up plans to launch their IPOs.
In April, food delivery platform Zomato filed preliminary papers for an IPO with capital market regulator Sebi to raise Rs 8,250 crore.
-Paytm -- which is locked in an intense competition with Google Pay, Walmart-owned PhonePe and others in the digital payments space in India -- had raised USD 1 billion (over Rs 7,000 crore) in November 2019 from US-based asset management firm T Rowe Price and existing investors, including SoftBank and Alibaba. At that time, the company was valued at around USD 16 billion.
-The Noida-based firm, which had an astonishing rise after demonetisation in 2016, is betting on financial services, commerce and payments as three key focus areas.
-Paytm is among the leading platforms for Unified Payments Interface (UPI).
- Apart from payments, the company has expanded into other financial services.
Fintech companies have continued to witness a strong growth in the Indian market over the past few years, especially amid the pandemic, as people turned to digital platforms.
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