India's Paytm to file draft prospectus as early as July 12 for $2.3 bln IPO -sources

The headquarters for Paytm, India's main digital funds firm, is pictured in Noida, India, August 29, 2018. REUTERS/Sankalp Phartiyal

NEW DELHI, July 5 (Reuters) - One97 Communications Ltd, the father or mother of Indian funds firm Paytm, will file a draft prospectus as early as July 12 for a home preliminary public offering (IPO) that seeks to enhance $2.3 billion, two sources terminate to the matter acknowledged on Monday.

The money shall be raised thru sale of unique Paytm inventory along with a secondary offering of shares at an expected valuation of $24 billion to $25 billion with an probability to enhance the amount at a later stage if required, the sources acknowledged, declining to be named because the matter isn't any longer public.

Paytm's proposed $2.3 billion IPO will construct it India's third-greatest public listing in dollar terms after affirm-urge miner Coal India (COAL.NS) in 2010 and Reliance Energy (RPOL.NS) in 2008.

The prospectus shall be filed quickly after Paytm's unparalleled overall assembly (EGM) of shareholders in Delhi on July 12, presumably on the same day, the sources added.

Paytm declined to comment.

Paytm, which counts China's Alibaba and Japan's SoftBank (9984.T) as backers, is calling for shareholder approval at the EGM to promote up to 120 billion rupees ($1.61 billion) in unique inventory and contain an probability to make a selection an over-subscription of up to 1%, Reuters reported beforehand. be taught extra

There had been $3.6 billion fee of IPOs in India within the first half of 2021, up from $1.1 billion at the same time final year, according to Refinitiv.

The extent to this level this year is the glorious since 2008, the guidelines showed. Sona BLW Precision Forgings raised $757.4 million in its June IPO which was once the glorious listing in India this year.

Paytm has employed JPMorgan Whisk (JPM.N), Morgan Stanley (MS.N), ICICI Securities (ICCI.NS), Goldman Sachs (GS.N), Axis Capital, Citi (C.N) and HDFC Monetary institution (HDBK.NS) for the IPO, the sources acknowledged.

Citi and ICICI Securities declined to comment. Other banks did not answer to requests for comment.

($1 = 74.3375 Indian rupees)

Reporting by Sankalp Phartiyal in NEW DELHI and Scott Murdoch in HONG KONG; Extra reporting by Gaurav Dogra in BENGALURU; Modifying by Muralikumar Anantharaman and Edmund Blair

Our Requirements: The Thomson Reuters Belief Principles.

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