Paytm is backed by Alibaba, Ant Group, SoftBank and Berkshire Hathaway, among othersPaytm, earlier referred to as One97 Communications, has actually submitted draft documents for an initial public offering (IPO) of as much as Rs 16,600 crore, the Sebi website revealed on Friday.
This development comes simply 2 days after the opening of Zomato IPO, which has paved the way for other home-grown Indian unicorn business to go public.
Paytm is backed by China's Alibaba and Ant Group, Japan's SoftBank and Warren Buffett-owned Berkshire Hathaway, among others.The Paytm IPO will be India's greatest public concern, surpassing that of Coal India, which had actually raised Rs 15,000 crore over a years ago.The Paytm IPO will consist of a concern of new shares worth Rs 8,300 crore and an offer for sale worth Rs 8,300 crore, the digital payments business said in its draft red herring prospectus (DRHP) or deal document filed with the Securities and Exchange Board of India.A draft red herring prospectus (DRHP) or deal file marks the start of the IPO process.
It consists of information about the business, promoters and the IPO, based on which the market regulator SEBI will provide its nod to the listing.The Noida-based business owned by One97 Communications will utilize the IPO continues to strengthen its payment community and for brand-new service efforts and acquisitions.One97 was founded by Vijay Shekhar Sharma in 2000.
It started as a provider, and has actually developed over the years to end up being India's online mobile payments platform.JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank are the booking running supervisors for the Paytm IPO.Meanwhile, Zomato's Rs 9,375 crore IPO will close for bidding at 5 pm today, i.e.
July 16.