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One97 Communications Ltd., has roped in JP Morgan Chase & Co., Goldman Sachs, Morgan Stanley and ICICI Securities Ltd., as official bankers for its proposed initial public offering (IPO), later in November, this year, according to two individuals aware of the discussion.

The board of One97 Communications finalised on the bankers, earlier this week, said one of the individuals quoted above.

“The selected bankers will help Paytm with roadshows and are expected to begin the IPO-process in the coming week. The company at present is looking to file its DRHP over the next month to the markets regulator," said the person quoted above.

Bloomberg first reported the development on Thursday afternoon.

As the final contours of the public listing are being outlined, the company will undertake a share sale worth at least $3 billion during its IPO.

Mint had first reported that One97 Communications is looking to raise between $1 billion to $1.5 billion as a part of its primary share sale to qualified institutional buyers (QIB). The company would undertake a fresh issue of shares to QIBs, as per norms of the Securities and Exchange Board of India (Sebi).

In addition, it would be offering retail investors a portion of existing investors’ stake, during the listing process.

Paytm did not comment to Mint’s queries until press time.

One97 Communications is also expected to extend 743 crore funding to two companies owned by founder Vijay Shekhar Sharma including VSS Holdings Pvt. Ltd and VSS Investco Pvt. Ltd., ahead of its $3 billion initial share sale planned this year.

The proposal, among others, will be put to vote at the company’s annual meeting on June 30, Mint reported earlier.

One97 Communications saw its consolidated revenues shrink by 11% to 3186.8 crore for fiscal year 2020 -2021 (FY’21) compared to 3540.77 crore in FY’20, according to the company’s annual report sent to shareholders.

The company also cut losses by 42% to 1701 crore in the fiscal ending March 2021 (FY’21), on a consolidated basis. For FY’20, the company had cut losses by 30% to 2942.3 crore.

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