Paytm’s board of directors has hired four banks to assist with its proposed $ 3 billion initial public offering. The company intends to submit its draft Red Hering prospectus for the public offering as early as July.
Paytm’s planned IPO will be the largest in the country’s history. (Photo: Reuters)
Popular digital payment company Paytm is making steady strides in introducing its $ 3 billion initial public offering (IPO) later that year.
The startup’s board of directors has won four banks, including JP Morgan Chase & Co. and Goldman Sachs Group Inc., to go public. Paytm’s board of directors also has approved by Morgan Stanley and ICICI Securities Limited help with the sale, Bloomberg reports, citing people familiar with the matter.
However, Paytm has not yet officially commented on the banks’ appeal.
The company intends to submit its draft Red Hering prospectus for the public offering as early as July. It should be noted that after contacting its employees, the company had plans to introduce an IPO official to give them the opportunity to tender their shares as part of the upcoming public offering through an Offer for Sale (OFS).
The Board of Directors of Paytm had approved the IPO in principle earlier this month and plans to raise around 22,000 billion rupees. The company expects an enterprise value of over Rs 2 lakh crore for the IPO.
As mentioned earlier, Paytm’s IPO will be the largest in the country to date. The total value of Paytm’s initial public offering ($ 3 billion) is almost equal to the total amount raised by companies in India through public offerings so far in 2021.
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