OPEN APP
Home >Companies >News >Paytm to file initial prospectus next week for $2.3 billion IPO: Report

One97 Communications Ltd, the parent of Indian payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter told Reuters on Monday.

The company is planning an initial public offering of its equity shares which is contemplated to include a fresh issue of equity shares by the company and an offer-for-sale of equity shares by the existing shareholders of the company.

Paytm shareholders include Alibaba's Ant Group (29.71 per cent), Softbank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent), Vijay Shekhar Sharma (14.67 per cent). AGH Holding, T Rowe Price and Discovery Capital, Berkshire Hathaway hold less than 10 per cent stake in the company.

Paytm has plans to raise up to 12,000 crore by issuing fresh equity for which it will seek shareholder's nod in an Extraordinary General Meeting (EGM) on July 12.

According to a Bernstein report published on May 27, Paytm revenue may double by the financial year 2023 to over 7,000 crore with the non-payments segment contributing around 33 per cent to the overall kitty.

“With increased financial discipline and targeted strategic investments, Paytm is on track to break even in 12-18 months," the report said.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout