The process of IPO of digital payment and financial services company Paytm has accelerated
Mumbai: The process of IPO of digital payment and financial services company Paytm has accelerated. On Monday, the company’s shareholders approved the country’s largest IPO worth Rs 16,600 crore.
The largest IPO in the country
According to sources, all the proposals have been approved in the EGM of the shareholders. Shareholders have approved the issuance of shares worth up to Rs 12,000 crore from the IPO. Also, a total of Rs 16,600 crore will be raised from the sale of secondary shares.
Vijay Sharma is not recognized as a promoter
The company’s shareholders also passed a resolution that Vijay Shekhar Sharma, the company’s founder, would not be recognized as the company’s promoter. But he will remain the CEO of Paytm. After the IPO, the company’s market valuation may increase from Rs 1.78 lakh crore to Rs 2.2 lakh crore.
Paytm is expected to join the top 10 listed financial services in the country. The company may submit the relevant documents this week. The record for the largest IPO so far was held by Coal India. Coal India raised Rs 15,500 crore in 2010 through an IPO.
How much of a stake in the company
Alibaba’s Ant Group holds 29.71 per cent stake in Paytm. Japan’s Softbank has 19.63 per cent, SAIF Partners 18.56 per cent and Vijay Shekhar Sharma 14.67 per cent.
The process of IPO of digital payment and financial services company Paytm has accelerated
Mumbai: The process of IPO of digital payment and financial services company Paytm has accelerated. On Monday, the company’s shareholders approved the country’s largest IPO worth Rs 16,600 crore.
The largest IPO in the country
According to sources, all the proposals have been approved in the EGM of the shareholders. Shareholders have approved the issuance of shares worth up to Rs 12,000 crore from the IPO. Also, a total of Rs 16,600 crore will be raised from the sale of secondary shares.
Vijay Sharma is not recognized as a promoter
The company’s shareholders also passed a resolution that Vijay Shekhar Sharma, the company’s founder, would not be recognized as the company’s promoter. But he will remain the CEO of Paytm. After the IPO, the company’s market valuation may increase from Rs 1.78 lakh crore to Rs 2.2 lakh crore.
Paytm is expected to join the top 10 listed financial services in the country. The company may submit the relevant documents this week. The record for the largest IPO so far was held by Coal India. Coal India raised Rs 15,500 crore in 2010 through an IPO.
How much of a stake in the company
Alibaba’s Ant Group holds 29.71 per cent stake in Paytm. Japan’s Softbank has 19.63 per cent, SAIF Partners 18.56 per cent and Vijay Shekhar Sharma 14.67 per cent.
