Paytm Allocates Shares Worth Rs. 8,235 Crore, Signs Up Over 100 Institutional Investors for IPO

Ant Group-backed fintech agency Paytm stated it has allotted shares price Rs. 8235 crore to greater than 100 institutional traders, together with the federal government of Singapore, forward of what’s anticipated to be India’s largest inventory market itemizing.

Paytm’s supply of as much as Rs. 18,300 crore, which was elevated final month from Rs. 16,600 crore, garnered curiosity from 122 institutional traders who purchased greater than 38.3 million shares for Rs. 2,150 apiece, based on a regulatory doc dated November 3.

BlackRock International Funds, Canada Pension Plan Funding Board and Abu Dhabi Funding Authority have been among the many traders.

Launched a decade in the past as a platform for cell recharging, Paytm grew rapidly after ride-hailing agency Uber listed it as a fast cost choice. Its use swelled additional in 2016 when a ban on high-value forex financial institution notes in India boosted digital funds.

Paytm has since branched out into companies together with insurance coverage and gold gross sales, film and flight ticketing, and financial institution deposits and remittances.

The corporate’s providing will open on Monday and high investor Ant Monetary, with a 27.9 p.c stake in Paytm, plans to promote shares price Rs. 4,704 crore.

A number of firms together with Paytm have tapped capital markets this 12 months in a fund-raising frenzy on the again of file highs hit by the Indian inventory market, which has outperformed Asian friends to date this 12 months.

In India, 157 firms together with TPG-backed Nykaa, Oyo Resorts and Rooms and on-line insurance coverage aggregator Policybazaar have raised $17.22 billion (roughly Rs. 1,28,181 crore) by way of IPOs this 12 months as of October 31, in contrast with $8.54 billion (roughly Rs. 63,569 crore) raised by 49 firms in the identical interval final 12 months, based on Refinitiv knowledge.

Paytm’s IPO is more likely to be the largest within the nation’s company historical past, breaking a file held by Coal India Ltd, which raised Rs. 15,000 crore greater than a decade earlier.

© Thomson Reuters 2021

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