India's Paytm seeks to raise $268 mln in pre-IPO part sale-source

The interface of Indian funds app Paytm is seen in front of its logo displayed on this illustration image taken July 7, 2021. REUTERS/Florence Lo/Illustration

NEW DELHI, July 12 (Reuters) - Indian digital funds agency Paytm is planning to raise $268 million in a funding round because it prepares for an initial public providing later this twelve months, a source straight attentive to the topic mentioned on Monday.

Paytm will also explore to scenario 83 billion rupees worth of most modern shares and its backers Alibaba and SoftBank (9984.T) will beget the solution to promote one more 83 billion rupees in inventory, mentioned the source, who declined to be named because the discussions have to not public.

Paytm's mother or father, One97 Communications Ltd, will file a draft prospectus rapidly after its unprecedented overall meeting on Monday for a home IPO that seeks to raise $2.3 billion, sources previously suggested Reuters. study more

That would per chance well manufacture Paytm's IPO India's third-supreme in buck phrases after command-bustle miner Coal India (COAL.NS) in 2010 and Reliance Energy (RPOL.NS) in 2008.

The firm received shareholders' approval on the EGM to raise capital and to promote as a lot as 120 billion rupees in new inventory, the source added.

Paytm didn't in an instant answer to a query for observation.

Paytm has hired JPMorgan Walk (JPM.N), Morgan Stanley (MS.N), ICICI Securities (ICCI.NS), Goldman Sachs (GS.N), Axis Capital, Citi (C.N) and HDFC Financial institution (HDBK.NS) for the IPO, Reuters previously reported. study more

The pre-IPO funding round used to be first reported by Bloomberg.

Reporting by Sankalp Phartiyal. Bettering by Euan Rocha and Jane Merriman

Our Requirements: The Thomson Reuters Have confidence Principles.

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