Paytm IPO News: The digital payments leader is backed by Jack Ma's Ant GroupDigital payments leader Paytm has boosted the size of its initial public offering to Rs 18,300 crorefrom Rs 16,600crore, as existing shareholders look to sell more stake ahead of the country's largest stock market listing.Paytm was likely to target a price band of Rs 2,080-2,150 per share for the IPO for a likely valuation of around $20 billion, a source directly aware of the matter told Reuters.The company increased the size of its IPO as it received increased investor demand, said the source, who did not wanted to be named as the information was not public.
Paytm did not immediately respond to a Reuters request for comment.Several companies including Paytm have jumped into the country's capital markets as investors ride a wave of liquidity that has taken domestic markets to record highs.
Food delivery firm Zomato, which also counts China's Ant Group as a shareholder, is up 77 per centsince its listing in July.Paytm's offering will open on Nov.
8 and will see top investor Ant Financial sell shares worth Rs 4,704 crore, or nearly half the offer for sale component.
Ant currently holds 183.3 million shares, or a 27.9 per centstake, in Paytm.While Paytm did not increase the size of its fresh issue component, which still stands at Rs 8,300 crore, it expanded the offer for sale part to Rs 10,000 crore from Rs 8,300 crore earlier.The IPO is likely to be the biggest in India's corporate history, breaking a record held by Coal India, which raised Rs 15,000 croremore than a decade ago.