INSUBCONTINENT EXCLUSIVE:
One97 Communications Ltd, the parent of payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public
offering (IPO) that seeks to raise Rs 17,000 crore ($2.3 billion), two sources close to the matter said on Monday.The money will be raised
via sale of new Paytm stock as well as secondary offering of shares at an expected valuation of $24 billion to $25 billion with an option to
raise the amount at a later stage if required, the sources said, declining to be named as the matter is not public.The prospectus will be
filed shortly after Paytm's extraordinary general meeting (EGM) of shareholders in Delhi on July 12, the sources added.Paytm declined to
comment.Paytm, which counts China's Alibaba and Japan's SoftBank as backers, is seeking shareholder approval at the EGM to sell up to Rs
12,000 crore ($1.61 billion) in new stock and have an option to retain an over-subscription of up to 1 per cent, Reuters reported
previously.The company has hired JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the
IPO, the sources said.Citi and ICICI Sec declined to comment
Other banks did not immediately respond to requests for comment.
