in view of the upcoming IPO For the fintech giant, PaytmThe 11 Chinese nationals who were on the board have been replaced by US and Indian nationals. Despite this, according to a Reuters report, there has been no change in the existing shareholding in the company. There is no Chinese national sitting on the company’s board yet. Alipay, Ant Financials and Alibaba members have been replaced. Several big names such as Jing Jiandong from Alipay, Guoming Cheng from Ant Financial and Michael Yuen Zhen Yao (who is a US citizen) and Ting Hong Kenny Ho have stepped down on the board.
Company filings accessed by Reuters show that Sama Capital’s Ashit Ranjit Leilani and SoftBank representative Vikas Agnihotri have joined the digital payments firm’s board of directors. The Reuters report also shows that US citizen Douglas Feagin has assumed the position of board representative of Ant Group.
This turn of events comes ahead of Paytm’s historic market debut with an initial public offering (IPO) of $2.3 billion by the end of this year. When the fintech giant registers its plans in November, it will do so with an estimated valuation of $25 to $35 billion. The company was valued at just $16 billion in 2019 after raising $1 billion in funds from its investors SoftBank and Ant Financial.
SoftBank Vision Fund is one of the major shareholders of the company and holds about 19.63 per cent stake. Ant Financials holds 29.71 per cent. Its other major shareholder, Saif Partners, holds 18.56 per cent, while Vijay Shekhar Sharma holds 14.67 per cent in Paytm. Its minor shareholders include AGH Holding, T Rowe Price, Discovery Capital and Berkshire Hathaway, who hold less than 10 per cent in the company.
One97 Communications, Paytm’s parent company, is looking to raise Rs 12,000 crore ($1.6 billion) by issuing new equity. The historic move is expected to be approved at its Extraordinary General Meeting (EGM) on July 12, Reuters reports. Paytm had received in-principle approval from the board to enter a $3 billion IPO. The sale of equity shares of existing shareholders of the company is expected to raise Rs 4,600 crore. The company is preparing to do the paperwork for the IPO mentioned in the Reuters report in the coming week.
Parallelly, Paytm has also circulated an Offer for Sale (OFS) around the company, as it is offering its employees an opportunity to participate in this historic IPO and sell their shares, according to a Bloomberg report. is according to. The company reported revenue of Rs 3,186.60 crore for FY21, while reducing its losses to Rs 1,701 crore in FY21. This is a 42 per cent reduction in the company’s losses as the loss was reported at Rs 2,942.36 in FY20. The annual revenue has also seen a significant increase to the tune of Rs 2,100 crore in the financial year.
read all Breaking Newshandjob today’s fresh news and coronavirus news Here
.