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At Rs 18,300 crore, India Inc’s Biggest IPO By Paytm May Launch Between November 8 to 10

The biggest initial public offering (IPO) in the history of the Indian capital markets by Paytm is poised for a post-Diwali launch between November 8 and November 10, multiple industry sources with knowledge of the matter told Moneycontrol.

October 27, 2021 / 02:19 PM IST

The biggest initial public offer in the history of the Indian capital markets by Paytm is poised for a post-Diwali launch between 8th November to 10th November, multiple industry sources with knowledge of the matter told Moneycontrol.

Moneycontrol had earlier reported that the fintech major had increased the issue size from Rs 16,600 crores to Rs 18,300 crores.

Read Here: Paytm's RHP to come this week, to raise IPO issue size to Rs 18,300 crore

“ The RHP ( red herring prospectus ) has been filed with the RoC ( Registrar of companies) and the plan as of now is to launch the offer between 8th to 10th November,” said one of the persons cited above.

A second person said that the anchor placement is scheduled for 3rd November and added that there is strong investor demand for the mega offer, with participation from large global institutional investors.

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A third individual confirmed the proposed dates for the launch and anchor placement.

All the three individuals above spoke to Moneycontrol on the condition of anonymity.

Moneycontrol could not elicit an immediate comment from Paytm. An email query has been sent and this article will be updated once we hear from the firm.

Morgan Stanley, Goldman Sachs, Axis Capital, ICICI Securities, JP Morgan, Citi and HDFC Bank are the investments bankers working on the IPO according to the DRHP filed with Sebi

Prior to Paytm, the biggest IPO in India Inc was launched by Coal India which raised Rs 15,745 crores in 2010.

Based on the uptick in issue size, the primary component of the Paytm IPO will be worth Rs 8,300 crore and the additional amount will go to the offer for sale component which now stands at Rs 10,000 crore, sources had earlier told Moneycontrol.

Around half of the offer for sale will be done by Ant Financial with the balance portion by Elevation Capital, Softbank and others.

Paytm, which was founded by Vijay Shekhar Sharma in 2000 is expected to use the primary proceeds for growth including customer and merchant acquisition and investing in new business initiatives, acquisitions, and strategic partnerships.

The firm is positioning itself as a one-stop payments service provider via e-wallets, UPI platform, postpaid, credit cards, point of sale terminals, and all in one QR codes.

( This is a breaking story and will be updated later with more details)
Ashwin Mohan
first published: Oct 27, 2021 11:57 am

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