NEW DELHI: Indian electronic payments company Paytm is seeking shareholder approval to market around Rs 12,000 crore ($1.62 billion) in fresh inventory in what might be the Southern Asian nation’s biggest-ever first public offering in a minimum cost of $3 billion.
Paytm, that counts China’s Alibaba along with Japan’s SoftBank because backers, will market new stocks and will have an choice to maintain an over-subscription up to 1 percent, the business said in a note to an extraordinary general meeting (EGM) of shareholders in Delhi on July 12.
The business is planning to raise $3 billion through the public record in Indian bourses, a source familiar with the matter told Reuters.
It’s owned banks JPMorgan Chase, Morgan Stanley, ICICI Securities and Goldman Sachs for its IPO, the source added, declining to be recognized as the thing is confidential.
In the EGM, Paytm also intends to suggest that its creator, Vijay Shekhar Sharma, be relieved by his position as the corporation’s”promoter”,” the business stated in the note.
Paytm didn’t respond to your request for comment.
Launched a few years ago as a system for cell recharging, Paytm climbed fast after ride-hailing company Uber recorded it as a fast payment alternative.
Its usage swelled farther in 2016 in which a ban on high-value money bank notes fostered electronic payments.
Paytm has since branched into solutions such as gold and insurance sales, airport and movie ticketing, and banking deposits and remittances.