Technology
Paytm Said to Have Secured SEBI’s Approval for India’s Biggest IPO
A source involved in the process said on Friday that the digital financial services company Paytm has received approval from the market regulator SEBI for its 16,600 crore initial public offering. The company is expected to go public at the end of this month, and plans to skip the pre-IPO stock sales round to quickly go public.
“SEBI has approved Paytm’s IPO,” said the source, who asked not to be named. The source added that the company’s shelving pre-IPO financing plan has nothing to do with any valuation differences.
The proposed initial public offering, if successful, will be the largest such offer. Coal of India’s Rs 15,200 crore initial public offering (IPO) in 2010 was the country’s largest public offering (IPO) to date. Advertising by Paytm is valued at 1.47-17.8 billion rupees. American valuation expert Aswath Damodaran is a professor of finance at New York University’s Stern School of Business. He valued the company’s unlisted shares at Rs 2,950 per share.
According to the draft IPO document, the company plans to raise Rs 8,300 crore through newly issued shares and another Rs 8,300 crore through tender offers. Paytm founder, managing director and CEO Vijay Shekhar Sharma and Alibaba Group will dilute some of their shares in the proposed sale. A source said that Antfin (Netherlands) Holding BV, an Alibaba group company, is expected to sell at least 5% of its shares to less than 25% in order to comply with regulatory requirements.
According to the documents, the investors who sold the shares included Antfin (Netherlands) Holding BV (holding 29.6% of the shares), Alibaba.com Singapore E-Commerce (7.2%) and Elevation Capital V FII Holdings (0.7%). In addition, Elevation Capital V (holding a 0.6% stake), SAIF III Mauritius Company (12.1%), SAIF Partners India IV (5.1%), SVF Panther (Cayman Islands) (1.3%) and BH International Holdings (2.8%) ) Will also sell equity. The company has proposed to use Rs 4,300 crore to develop and strengthen the Paytm ecosystem, including by acquiring consumers and merchants and providing them with more technology and financial services.
News Source: Gadgets360
.jpg "SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad")
SpiceJet expands its domestic network with 8 new flights that will connect Jaipur with Varanasi, Amritsar and Ahmedabad and also link Ahmedabad with Pune.
SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15.
In the statement released on Wednesday, the airline announced that these new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.
Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities.
“We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience,” SpiceJet Chief Business Officer Debojo Maharshi said.
“These new flights reflect our commitment to supporting passenger demand across tier-II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences,” Maharshi added.
SpiceJet will deploy its 78-seater Q400 aircraft in these sectors. Bookings for the new flights are now open and tickets are available at the website of the airline, SpiceJet’s mobile app and through online travel portals and travel agents.
On Monday, the airline received a significant boost, with Acuite Ratings & Research Limited upgrading its long-term rating by four notches to ‘B ‘ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline.
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