New Delhi: One97 Communications Limited, the parent of Indian payments firm PaytmTwo sources familiar with the matter said on Monday that it will file a draft prospectus by July 12 for the domestic initial public offering (IPO), which seeks to raise $2.3 billion.
The money will be raised through the sale of new Paytm stock as well as secondary offering of shares at an estimated valuation of $24 billion to $25 billion, with the option to increase the amount at a later stage if required, the sources said. Drop of name because the matter is not public.
Sources said the prospectus will be filed soon after Paytm’s Extraordinary General Meeting (EGM) of shareholders in Delhi on July 12.
Paytm declined to comment.
Paytm, which counts China’s Alibaba and Japan’s SoftBank as backers, is seeking shareholder approval at an EGM to sell up to Rs 12,000 crore ($1.61 billion) in new stock and up to 1% over- There is an option to retain the subscription, Reuters previously reported.
Sources said the company has hired JP Morgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the IPO.
Citi and ICICI Sector declined to comment. Other banks did not immediately respond to requests for comment.
The money will be raised through the sale of new Paytm stock as well as secondary offering of shares at an estimated valuation of $24 billion to $25 billion, with the option to increase the amount at a later stage if required, the sources said. Drop of name because the matter is not public.
Sources said the prospectus will be filed soon after Paytm’s Extraordinary General Meeting (EGM) of shareholders in Delhi on July 12.
Paytm declined to comment.
Paytm, which counts China’s Alibaba and Japan’s SoftBank as backers, is seeking shareholder approval at an EGM to sell up to Rs 12,000 crore ($1.61 billion) in new stock and up to 1% over- There is an option to retain the subscription, Reuters previously reported.
Sources said the company has hired JP Morgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the IPO.
Citi and ICICI Sector declined to comment. Other banks did not immediately respond to requests for comment.
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