Paytm set to file draft prospectus subsequent week for $2.3 billion IPO: Report

One97 Communications Ltd, the dad or mum of Indian funds agency Paytm, will file a draft prospectus as early as July 12 for a home preliminary public providing (IPO) that seeks to lift $2.3 billion, two sources near the matter mentioned on Monday.
The cash can be raised by way of sale of latest Paytm inventory in addition to a secondary providing of shares at an anticipated valuation of $24 billion to $25 billion with an possibility to lift the quantity at a later stage if required, the sources mentioned, declining to be named because the matter just isn’t public.
Paytm’s proposed $2.3 billion IPO will make it India’s third-biggest public itemizing in greenback phrases after state-run miner Coal India in 2010 and Reliance Power in 2008.
The prospectus can be filed shortly after Paytm’s extraordinary basic assembly (EGM) of shareholders in Delhi on July 12, presumably on the identical day, the sources added.

Paytm declined to remark.
Paytm, which counts China’s Alibaba and Japan’s DelicateBank as backers, is searching for shareholder approval on the EGM to promote as much as 120 billion rupees ($1.61 billion) in new inventory and have an choice to retain an over-subscription of as much as 1%, Reuters reported beforehand.
There had been $3.6 billion value of IPOs in India within the first half of 2021, up from $1.1 billion on the similar time final yr, based on Refinitiv.
The stage thus far this yr is the very best since 2008, the information confirmed. Sona BLW Precision Forgings raised $757.4 million in its June IPO which was the largest itemizing in India this yr.
Paytm has employed JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the IPO, the sources mentioned.

Citi and ICICI Securities declined to remark. Other banks didn’t reply to requests for remark.
($1 = 74.3375 Indian rupees)