Bengaluru: Digital payments supported by Softbank Start Paytm have submitted an initial public offering (IPO) to RS 16,600 Crore ($ 2.23 billion), a draft paper submitted to the country market regulator on Friday.
IPO will cover new shares issues worth RS 8,300 Crore and offers for sale worth 8,300 crore, Paytm, which is supported by investors including Berkshire Hathaway Inc., Chinese Ants and Softbank Japan and Softbank.
A company based in Noida, which is owned by One97 Communications Ltd, said it would use the results of IPO to strengthen the payment ecosystem and for new business initiatives and acquisitions.
ONE97 posted a net loss of Consolidation of Rs 1,696 Crore for the year ended March 31, lower than the loss of Rs 2,842 Crore previous year, according to the prospectus.
Revenue slipped 14.6% to Rs 2,802 Crore.
Started a decade ago as a platform for cellular refilling, Paytm grew rapidly after rising companies that call Uber default it as a quick payment option.
The IPO plan came in the midst of expansion of fired pandemics in the Indian Digital Economy and intensive battle for market share with Google Pay Alphabet Inc.
and whatsapp facebook payments Inc.
Digital payment adoption has increased since the 2016 Indian ban on the tone of high-value bank currency, help paytm expand its services to include insurance and sales of gold, film and flight tickets, and bank money delivery.
The company plans to collect $ 268 million in the Pre-IPO funding round, a source to Reuters on Monday.
Some startups have described plans to be public to cash the liquidity brought by foreign funds.
Some closely watched include the startup of giving zomato food, Walmart Inc.-belonging to the giant e-commerce flipkart, Brand Beauty Nykaa and Ride-reaging Service Ola.
Enlargement of $ 2.23 billion through the IPO will make it among the largest public lists in India after the Mining of Coal State India in 2010 and Reliance Power in 2008.
JPMorgan Chase, Morgan Stanley, Icici Sachs, Citi and Bank HDFC.
Reservations that run the manager for IPO.