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Business News/ News / India/  ‘Deepest gratitude’: Paytm CEO shares teammate's message Sebi nod for 16,600 crore IPO
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‘Deepest gratitude’: Paytm CEO shares teammate's message Sebi nod for ₹16,600 crore IPO

Paytm's IPO, if successful, would be the largest such offer. Coal India's ₹15,200-crore initial public offer (IPO) in 2010 is the country's largest one till date

Paytm’s CEO Vijay Shekhar Sharma (MINT_PRINT)Premium
Paytm’s CEO Vijay Shekhar Sharma (MINT_PRINT)

Paytm CEO Vijay Shekhar Sharma took to Twitter recently to share an email sent to him by an employee after the company received market regulator Sebi's approval for its 16,600 crore initial public offer.

“How can I even express in words, my deepest gratitude for teammates like him?" wrote Sharma while posting a screenshot of the email. 

The email was sent by the employee to congratulate the CEO on Paytm's feat. 

“I can't control myself to give you a BIG CONGRATULATIONS for getting SEBI approval to launch OUR India's Biggest ever IPO (sic)," read the message. 

“I might be a Gilheri who was trying to help building ram-setu in Ramayan as I have (been) with Paytm for 7 years now 7 worked in the QA department in multiple team (sic)," it added. 

This came as Paytm, India’s second most valuable startup, is expected to file its red herring prospectus with the regulator next week.

In July, it had filed its draft prospectus, proposing to sell new shares worth 8,300 crore, and existing shares worth another 8,300 crore.

The proposed IPO, if successful, would be the largest such offer. Coal India's 15,200-crore initial public offer (IPO) in 2010 is the country's largest one till date.

Paytm is looking at a valuation of 1.47-1.78 lakh crore.

US-based valuation expert Aswath Damodaran, who is a professor specialising in finance at the Stern School of Business at New York University, has valued the unlisted shares of the firm at 2,950 apiece.

Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.

Alibaba group firm Antfin (Netherlands) Holding BV is expected to sell at least 5% stake to bring its shareholding below 25% to comply with regulatory requirements, according to a source.

As per the documents, investors selling stake include Antfin (Netherlands) Holding BV (which has a 29.6% stake), Alibaba.Com Singapore E-Commerce Private Ltd (7.2%) and Elevation Capital V FII Holdings Ltd (0.7%).

Moreover, Elevation Capital V Ltd (which has a 0.6% stake), SAIF III Mauritius Company Ltd (12.1%), SAIF Partners India IV Ltd (5.1%), SVF Panther (Cayman) Ltd (1.3%) and BH International Holdings (2.8%) will also sell stake.

The company has proposed to use 4,300 crore for growing and strengthening the Paytm ecosystem, including through acquisition of consumers and merchants and providing them with greater access to technology and financial services.

 

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Published: 25 Oct 2021, 05:13 PM IST
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