Paytm’s board has roped in four banks for helping with its proposed $3 billion initial public offering (IPO). The firm is looking to file its draft red herring prospectus for the public offering as early as July.
Paytm’s proposed IPO will be the largest ever in the country’s history. (Photo: Reuters)
Popular digital payments firm Paytm is making steady progress towards launching its bumper $3 billion initial public offering (IPO) later this year.
The board of the startup has roped in four banks including JP Morgan Chase & Co. and Goldman Sachs Group Inc. for the public offering. Paytm’s board has also approved Morgan Stanley and ICICI Securities Limited to help with the sale, reported Bloomberg, quoting people familiar with the matter.
However, Paytm has not officially commented on the appointment of the banks as of now.
The firm is looking to file its draft red herring prospectus for the public offering as early as July. It may be noted that the company had made plans to launch an IPO official after reaching out to its employees, allowing them the opportunity to tender their shares under the upcoming public issues as part of an offer-for-sale (OFS).
Paytm’s board had given in-principle approval to the IPO earlier this month and plans to raise around Rs 22,000 crore from it. The company is looking at an enterprise value of over Rs 2 lakh crore for the IPO.
As mentioned earlier, Paytm’s IPO will be the largest ever in the country. The total value of Paytm’s IPO ($3 billion) is almost equal to the total amount raised by companies in India through public offerings in 2021 so far.
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