Paytm aims for India s largest-ever IPO at $3 bn: Report
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Digital payments firm Paytm is aiming for Indiaâs biggest initial public offering (IPO) of a $3 billion (Rs 218 bn), according to a Bloomberg report. The digital payments platform has marquee investors like investors like Ant Group, Berkshire Hathaway and SoftBank Group Corporation.
The IPO is being listed later than when Paytm had planned it. The company wanted to list it around Diwali festive season in November, said a source to the publication, asking not to be named as details are private.
The board of Paytm, called One97 Communication earlier, plans to meet this Friday to formally approve the IPO, said the person to Bloomberg. It is targeting a valuation of around $25 billion to $30 billion.
Highlights
Paytm is backed by some of the largest investors in the world.
Paytm is currently one of the largest digital payments players in India.
Paytm is gearing itself for what could be the largest initial public offering in India. The digital payments giant is planning to raise as much as Rs 218 billion ($3 billion) from its speculated IPO, according to sources quoted in a report by Bloomberg.
The Vijay Shankar Sharma-led startup is planning to go public in November 2021. The startup is backed by some of the largest investors in the world, including SoftBank Group, Berkshire Hathaway Inc. and Ant Group Co. The company is eyeing a valuation of around $25-$30 billion, the media publication reported.
India Business News: Paytm, India’s leading digital payments provider, is aiming to raise about Rs 21,800 crore ($3 billion) in an initial public offering late this year,
MUMBAI: The largest payment services provider in the country, Paytm, owned by One97 Communication, is planning a $3 billion initial public offering (IPO) later this year, a Bloomberg report said on Thursday.
The size of the IPO could be the largest ever in India’s capital market history dwarfing Coal India’s Rs 15,000 crore public offering of 2010. The Bloomberg report said that Paytm could seek a valuation of around $25 billion to $30 billion when it hits the primary market around Diwali.
That said, it is very likely that the Berkshire Hathaway-backed company will be a loss-making entity when the subscription window for the IPO opens for the public. In 2019-20, the payment services company reported a net loss of Rs 2,942 crore and burned cash from operations worth Rs 2,385.3 crore.
Twitter calls out intimidation
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Spats between the government and social media platforms aren’t exactly rare, but few have escalated as much or as quickly as this one. Twitter said earlier today that it is worried about the safety of its employees in India after the Delhi police raided its offices earlier this week, and that it remains committed to empowering voices and protecting free speech.
Also in this letter:
Twitter concerned about Indian employees’ safety
Twitter has said it is concerned about the safety of its employees in India, after the Delhi police descended on its offices in Delhi and Gurgaon earlier this week to serve them a notice over the manipulated media label it had placed on tweets made by senior BJP leaders.