Vijay Shekhar Sharma's One97 Communications Ltd., the parent entity of Paytm, is looking to list on the stock exchanges sometime this year, Bloomberg reported. The company is looking to raise $3 billion or Rs 21,800 crore through the initial public offering (IPO). Quoting an anonymous source, the report said that the company plans to list its stocks on Indian exchanges around November and its offering could coincide with the Diwali festival season. Paytm's investors include Berkshire Hathaway, SoftBank and the Ant Group. One97 could fetch a valuation of $25 billion to $30 billion, the report said. Adding that One97's board is scheduled to meet this Friday to formally approve the IPO plan, the report added. Bloomberg said that Morgan Stanley is likely to be the lead banker for the IPO, with the Citigroup and JP Morgan also acting as underwriters. The IPO process will start in late June or early July, it said. While many startups in India are looking to list their shares abroad, through the popular Special Purpose Acquisition Company (SPAC) route, Paytm is going the direct listing route on the Indian markets. The SPAC route for stock listing allows companies to set up a holding company, without any commercial operations, solely for the purpose for raising capital through an IPO. Effectively, an Indian entity can set up a holding company in the United State which will be the Paytm's Empire Paytm is the third largest UPI (Unified Payments Interface) player but unlike the market leaders, it has…
- How much money was seized by the Indian state while investigating illegal loan apps? February 8, 2023
- Publishers Aren’t ‘Intermediaries’, IT Ministry Says: What Does This Mean for India’s Online Gaming Laws? February 8, 2023
- You can now use PhonePe UPI to pay in UAE, Singapore, Nepal and Bhutan February 8, 2023
- Wikipedia ‘Unblocked’ in Pakistan, PM Forms A Committee To Regulate ‘Objectionable’ Content February 8, 2023
- Explained: What is the feud over ownership between Binance and WazirX? February 8, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...