Paytm Allocates Shares Worth Rs. 8,235 Crore, Signs Up Over 100 Institutional Investors for IPO
Ant Group-backed fintech agency Paytm mentioned it has allotted shares value Rs. 8235 crore to greater than 100 institutional buyers, together with the federal government of Singapore, forward of what’s anticipated to be India’s largest inventory market itemizing.
Paytm’s supply of as much as Rs. 18,300 crore, which was elevated final month from Rs. 16,600 crore, garnered curiosity from 122 institutional buyers who purchased greater than 38.3 million shares for Rs. 2,150 apiece, in response to a regulatory doc dated November 3.
BlackRock World Funds, Canada Pension Plan Funding Board and Abu Dhabi Funding Authority had been among the many buyers.
Launched a decade in the past as a platform for cellular recharging, Paytm grew rapidly after ride-hailing agency Uber listed it as a fast cost possibility. Its use swelled additional in 2016 when a ban on high-value forex financial institution notes in India boosted digital funds.
Paytm has since branched out into providers together with insurance coverage and gold gross sales, film and flight ticketing, and financial institution deposits and remittances.
The corporate’s providing will open on Monday and prime investor Ant Monetary, with a 27.9 p.c stake in Paytm, plans to promote shares value Rs. 4,704 crore.
A number of corporations together with Paytm have tapped capital markets this yr in a fund-raising frenzy on the again of document highs hit by the Indian inventory market, which has outperformed Asian friends up to now this yr.
In India, 157 corporations together with TPG-backed Nykaa, Oyo Resorts and Rooms and on-line insurance coverage aggregator Policybazaar have raised $17.22 billion (roughly Rs. 1,28,181 crore) through IPOs this yr as of October 31, in contrast with $8.54 billion (roughly Rs. 63,569 crore) raised by 49 corporations in the identical interval final yr, in response to Refinitiv knowledge.
Paytm’s IPO is more likely to be the largest within the nation’s company historical past, breaking a document held by Coal India Ltd, which raised Rs. 15,000 crore greater than a decade earlier.
© Thomson Reuters 2021
