India's Paytm to file draft prospectus subsequent week for $2.3 billion IPO -sources

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

NEW DELHI, July 5 (Reuters) - One97 Communications Ltd, the guardian of Indian funds agency Paytm, will file a draft prospectus as early as July 12 for a home initial public offering (IPO) that seeks to elevate $2.3 billion, two sources conclude to the subject said on Monday.

The money shall be raised by utilizing sale of contemporary Paytm stock as neatly as a secondary offering of shares at an anticipated valuation of $24 billion to $25 billion with an chance to elevate the amount at a later stage if required, the sources said, declining to be named as the subject isn't any longer public.

Paytm's proposed $2.3 billion IPO will ruin it India's third-absolute best public checklist in buck terms after enlighten-lunge miner Coal India (COAL.NS) in 2010 and Reliance Energy (RPOL.NS) in 2008.

The prospectus shall be filed presently after Paytm's extra special standard meeting (EGM) of shareholders in Delhi on July 12, possibly on the identical day, the sources added.

Paytm declined to statement.

Paytm, which counts China's Alibaba and Japan's SoftBank (9984.T) as backers, is searching for out shareholder approval on the EGM to sell up to 120 billion rupees ($1.61 billion) in contemporary stock and dangle an chance to retain an over-subscription of up to 1%, Reuters reported previously. be taught extra

There had been $3.6 billion worth of IPOs in India within the first half of of 2021, up from $1.1 billion on the identical time final year, in step with Refinitiv.

The stage up to now this year is the most effective since 2008, the tips confirmed. Sona BLW Precision Forgings raised $757.4 million in its June IPO which became the absolute best checklist in India this year.

Paytm has hired JPMorgan Skedaddle (JPM.N), Morgan Stanley (MS.N), ICICI Securities (ICCI.NS), Goldman Sachs (GS.N), Axis Capital, Citi (C.N) and HDFC Bank (HDBK.NS) for the IPO, the sources said.

Citi and ICICI Securities declined to statement. Different banks did now not reply to requests for statement.

($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; Editing by Muralikumar Anantharaman and Edmund Blair

Our Requirements: The Thomson Reuters Belief Rules.

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