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Tag: paytm ipo share price

  • Chinese nationals step down from Paytm board forward of deliberate IPO; no change in shareholding

    All Chinese nationals on the board of digital funds agency Paytm have been changed by US and Indian residents, whereas there isn’t a change within the present shareholding, in line with a regulatory submitting of the corporate.
    Alipay consultant Jing Xiandong, Ant Financial’s Guoming Cheng, and Alibaba representatives Michael Yuen Jen Yao (US citizen) and Ting Hong Kenny Ho have ceased to be administrators of the corporate, as per the regulatory doc.
    According to a supply, Paytm now has no Chinese nationals on its board.
    US citizen Douglas Feagin has joined the Paytm board on behalf of Ant Group.

    Saama Capital’s Ashit Ranjit Lilani and SoftBank consultant Vikas Agnihotri have additionally joined the board, the corporate’s submitting confirmed. Todd Anthony Combs, funding supervisor at Berkshire Hathaway, has retired from the board. It was erroneously reported on Tuesday that Combs had joined the board.
    Combs retired by rotation from One97’s board on June 30, as per Registrars of Companies (ROC) filings.
    One97 Communications is the mum or dad agency of Paytm.
    Paytm shareholders embrace Alibaba’s Ant Group (29.71 per cent), SoftBank Vision Fund (19.63 per cent), SAIF Partners (18.56 per cent) and Vijay Shekhar Sharma (14.67 per cent). AGH Holding, T Rowe Price, Discovery Capital and Berkshire Hathaway maintain lower than 10 per cent stake every within the firm.
    The growth comes at a time when Paytm is gearing up for public itemizing.
    Paytm is predicted to hunt shareholders’ approval on July 12, to boost as much as Rs 16,600 crore by its preliminary share sale, giving it a valuation of over Rs 1.78 lakh crore, a supply mentioned.
    The extraordinary common assembly of Paytm is scheduled for July 12, wherein the corporate might search approval to boost as much as Rs 12,000 crore by issuance of recent fairness.
    Another Rs 4,600 crore is predicted to be raised from the sale of fairness shares by present and eligible shareholders.
    “The firm might search approval of the shareholders to boost round Rs 16,600 crore by IPO. Existing shareholders, former and current staff have additionally opted to promote their shares within the course of.
    “The valuation of the firm is likely to be in the range of Rs 1.78 lakh crore to Rs 2.2 lakh crore,” the supply mentioned.

    With this valuation vary, the corporate is predicted to be amongst prime 10 listed monetary companies corporations.
    The firm is predicted to file paperwork for the preliminary public supply (IPO) subsequent week.

  • 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)

  • Paytm strikes forward with deliberate $3 billion IPO

    India’s Paytm is asking staff to determine whether or not they wish to promote shares within the digital funds pioneer’s deliberate preliminary public providing, taking one other step towards what might be the nation’s largest inventory market debut ever.
    The startup, formally known as One97 Communications Ltd., despatched the “offer for sale” to its employees Monday because it prepares to file for the IPO, in keeping with paperwork reviewed by Bloomberg News. Paytm’s board has accredited the providing plans in precept and is finalizing the draft crimson herring prospectus, which might be filed as quickly as the primary week of July, in keeping with an individual conversant in the matter.
    One97 Communications “is proposing to undertake an initial public offering of its equity shares (“Equity Shares”), topic to market circumstances, regulatory, company and different approvals, and different related concerns, in accordance with relevant legislation, and has obtained an in-principle approval from the board of administrators of the Company on this regard,” Amit Khera, One97’s secretary, mentioned within the discover to staff and shareholders.

    The firm, whose traders embody Berkshire Hathaway Inc., SoftBank Group Corp. and Ant Group Co., is looking for to lift about 218 billion rupees ($3 billion) at a valuation of round $25 billion to $30 billion, Bloomberg News reported in May. Coal India Ltd. raised greater than 150 billion rupees in 2010 within the nation’s largest IPO thus far.
    One97, final valued at $16 billion in keeping with unicorn tracker CB Insights, is a part of a brand new era of promising startups rising in India. During one historic week in April, six startups reached valuations of $1 billion or extra — unicorn standing within the tech business.
    Paytm’s public market debut will embody a mixture of new and present shares to satisfy regulatory obligations in India. The nation’s laws require that 10% of shares are floated inside two years and 25% inside 5 years.
    Paytm Is Said to Target $3 Billion IPO, Largest Yet in India
    The supply on the market, or OFS, will enable staff to promote their shares as a part of the IPO. The paperwork state that Paytm’s board has given its preliminary approval to the debut, however formal approval can not happen till the prospectus is finalized.
    If present shareholders wish to promote extra in mixture than allowed through the IPO, the flexibility to promote inventory shall be decided on a pro-rata foundation, in keeping with the paperwork.

    Morgan Stanley is working with Paytm on the providing. Paytm declined to touch upon the itemizing.
    Employees can take part within the IPO by consenting to supply all or a part of their fairness shares, a choice that might must be finalized earlier than the submitting of the primary of the providing paperwork to the nation’s regulator. Equity shares not bought through the providing can be locked-in for a one-year interval, the discover mentioned.

  • Paytm board grants in-principle approval for round Rs 22,000 crore IPO

    Digital funds and monetary providers agency Paytm has obtained in-principle approval from the corporate’s board to lift round Rs 22,000 crore by an preliminary public supply in the course of the October-December quarter this yr, in line with an business supply.
    The firm is an enterprise worth of over Rs 2 lakh crore for the IPO.
    “The board of directors of Paytm has given in-principle approval for the mega IPO planned to be launched in October-December quarter. The company expects to raise around Rs 21,000-Rs 22,000 crore from the IPO. This will also give some of the existing investors to offload some of their stake,” the supply conscious of the event instructed PTI.

    The board assembly of the corporate was held on Friday.
    When contacted, Paytm spokesperson declined to remark.
    It is more likely to be one of many largest IPOs in India if the corporate is ready to obtain the goal as per its plan.
    Paytm shareholders embrace Alibaba’s Ant Group (29.71 per cent), Softbank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent), Vijay Shekhar Sharma (14.67 per cent).
    AGH Holding, T Rowe Price and Discovery Capital, Berkshire Hathaway maintain lower than 10 per cent stake within the firm.

    Paytm claims to be round 30-50 per cent bigger than its rivals within the phase with over 1.4 billion month-to-month transactions.
    The firm had reported narrowing of loss by 40 per cent and enhance of income to Rs 3,629 crore on year-on-year foundation within the fiscal yr 2019-20.