New Delhi,22/10:The country’s IPO market is out. One after the other, many companies are bringing their initial public offering ie IPO. Now One97 Communications, the parent company of digital payment and financial services company Paytm, has got the approval of the country’s market regulator SEBI for an IPO of Rs 16,600 crore.
A source with knowledge of the matter said that Paytm will sell shares worth Rs 8300 crore in the primary sale while the remaining shares worth Rs 8300 crore will be sold in the offer for sale (OFS). The company plans to list in mid-November. The company had submitted an application for IPO in July.
Biggest IPO in Indian History
Paytm’s IPO will be India’s biggest IPO ever. Before this, this record was held by Coal India. Coal India had raised around Rs 15,000 crore from its IPO a decade ago. Vijay Shekhar Sharma started One97 in the year 2000. Initially the company started as a value-added service provider while later it evolved into an online mobile payments firm.