Large investors such as Jack Ma's Ant Group Co and Masayoshi Son's SoftBank Group Corp will sell their stake through the IPO. On October 22, Paytm had received market regulator Sebi's nod for the share sale. JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank are the booking running lead managers to the issue. The Noida-based firm will use the proceeds of share sale to strengthen its payment ecosystem and for new business initiatives and acquisitions. The IPO comprises a fresh issue of equity shares of the face value of Rs 1 each, aggregating to Rs 8,300 crore and the offer for sale by the existing shareholders, aggregating to Rs 10,000 crore. The company has raised its issue size from Rs 16,600 crore ($2.2 billion). The IPO will surpass Coal India (Rs 15,475-crore IPO) and Reliance Power (Rs 11,700 crore IPO) in terms of issue size. The Paytm IPO, if successful, will be the country's largest share sale with the firm aiming to raise Rs 18,300 crore. Blackrock, CPPIB, Birla MF, GIC and other blue-chip funds participated in the anchor fund-raising round leading to 10 times oversubscription of shares. CNN Sans ™ & © 2016 Cable News Network.The Vijay Shekhar Sharma-led firm has raised Rs 8,235 crore from anchor investors on November 3. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Rishi Iyengar contributed to this report. The company currently has 114 million people using its payment service each year. The app signed 10 million new users within a month of the cash ban, going from adding tens of thousands of people a day to around half a million. Millions of people spent weeks lining up at ATMs to exchange their notes just so they would have enough money for everyday expenses.īut many of India’s hundreds of millions of smartphone users started switching to mobile payment apps, and Paytm was primed and ready. The move shocked India’s economy, where the vast majority of transactions were made in cash. (UBER) to become a payment provider for the company’s cab rides across India, and in 2015 it snagged another big partnership with the online booking portal for Indian Railways, which sells nearly 25 million tickets a year.īut the app really exploded in November 2016, when Indian Prime Minister Narendra Modi suddenly banned the country’s two biggest rupee notes - around 86% of the country’s cash at the time - with the aim of cracking down on tax evasion and illegal wealth. In 2012, Paytm got approval from India’s central bank to launch the mobile wallet that now forms the core of its business. Paytm came a decade later, launched in 2010 as a platform for buying prepaid cellphone plans and paying cable bills online. One97 started as a mobile services platform offering horoscopes to cellular network providers before expanding into other services like voice-based gaming and customized ringtones. Paytm’s journey began back in 2000, when Vijay Shekhar Sharma founded its parent company, One97 Communications. India has a ton of tech unicorns - companies that have reached a valuation of at least $1 billion - but Zomato is the first one to go public.Īnalysts have expressed concern that Indian startups - many of which have raised hundreds of millions of dollars from private markets at extremely high valuations - need to start showing consistent profits and healthy exits for investors. Its IPO will be keenly watched by investors in the country. He revolutionized how millions of people spend money in India. (Saurabh Das for CNN) Saurabh Das for CNN Vijay Shekhar Sharma, who built India's biggest digital payments company Paytm, poses for a photograph at the company headquarters in NOIDA, India, Friday, Aug.
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