Indian digital payment leader Paytm has expanded its initial public offering to rupee. Rs 18,300 crore, Rs 16,600 million, because existing shareholders want to sell more shares before listing on the country’s largest stock market. Paytm’s target may be the rupee price range. 2,080-rupees A source with direct knowledge of the matter told Reuters that the IPO is worth 2,150 US dollars per share, and the valuation may be about 20 billion US dollars (approximately 149,710 crore).
The source said that due to increased investor demand, the company has expanded the size of its initial public offering. The source declined to be named because the information has not been made public. Paytm did not immediately respond to Reuters’ request for comment. Several companies, including Paytm, have jumped into India’s capital market as investors ride the liquidity wave to push the domestic market to record highs.
Food delivery company Zomato also listed China Ant Group as a shareholder, and its share price has risen 77% since its listing in July. The issuance of Paytm will begin on November 8, when top investor Ant Financial will sell shares worth Rs. 47,040 crore, close to half of the sales portion. Ant Financial currently holds 183.3 million shares of Paytm, or 27.9% of the shares.
Although Paytm did not increase the size of its new offering, it was still Rs. Rs 8,300 crore, it will expand the quotation of the sales part to Rs. 8,300 trillion US dollars before 10,000 crore rupees. This IPO may be the largest in the history of an Indian company, breaking the record held by Coal India, which raised 15,000 crore more than a decade ago.
News Source : Gadgets 360
