New Delhi, 27/5 (AO Bureau): Paytm, the country’s largest e-wallet company, is planning to fill its bag with an initial public offering (IPO). Through the IPO, the company is also going to give investors a chance to make big bucks. The company is planning to raise $ 3 billion i.e. about 22 thousand crore rupees from the primary market. For this, the company will launch its IPO before September 2021.
According to a Bloomberg report, the board of directors of One97 Communications, the parent company of Paytm, the country’s largest payment services provider, will hold a meeting on May 28, ie tomorrow, to approve the IPO. Through this IPO, Paytm has set a target to increase its valuation from 25 to 30 billion dollars i.e. between Rs 1.80 lakh crore to Rs 2.20 lakh crore.
Paytm’s top investors are Barkshire Hathaway, Softbank and Ant Group
Paytm’s top investors include Warren Buffet’s Barkshire Hathaway, Japan’s investment firm Softbank Group and Chinese firm Alibaba Group’s Ant Group. In this IPO, along with fresh shares, the company will issue shares through promoters and existing investors offers for sale, so that some companies can get exit.
Morgan Stanley leads the race to become the lead manager
According to sources, the bankers who will be selected for the Paytm IPO include investment backers like Morgan Stanley, Citigroup, JP Morgan. It is being said that Morgan Stanley is in the lead in the race to become the lead manager. Sources said that the process of this IPO can start in June or July. However, neither Paytm nor these investment backers have given any official statement regarding this.