Paytm IPO: Digital payments and financial services company Paytm has raised Rs 8,235 crore from anchor investors ahead of its IPO. The issue of the company will open on November 8 and close on November 10. The company’s anchor investors included BlackRock, CPPIB, Birla Mutual Fund, GIC and other bluechip funds. According to the information given on the stock exchange, Anchor Book has been subscribed more than 10 times.
Paytm is coming up with an issue of Rs 18,300 crore. The company has raised 45% of the total issue fund from anchor investors. Paytm’s anchor book is the largest anchor book in India. Paytm is coming up with the biggest issue ever.
Paytm’s IPO is the biggest after Coal India. The issue of Coal India came in 2010 and it raised Rs 15200 crore.
What’s going on GMP?
Paytm’s Gray Market Premium (GMP) is running at Rs 140 in the unlisted market. The issue price of the company is Rs 2080-2150. Accordingly, the unlisted shares of Paytm are trading at Rs 2290 (2150+140) in the gray market.
Due to differences over valuations, Paytm has canceled its pre-IPO funding plan. Vijay Shekhar Sharma, managing director and CEO of Paytm’s parent company One97, is about to sell shares worth Rs 402.65 crore through the offer for sale. Whereas Antfin (Netherlands) Holdings is about to sell shares worth Rs 4,704.43 crore.
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Apart from this, Alibaba.com Singapore E-commerce will sell up to Rs 784.82 crore and Elevation Capital V FII Holdings will sell up to Rs 75.02 crore.
Paytm founder Vijay Shekhar Sharma and other shareholders will sell some of their stake through an offer for sale. Among the company’s major investors, Alibaba and its subsidiary Ant Group hold 38 percent, Elevation Capital holds 17.65 percent and Japan’s SoftBank holds 18.73 percent. Vijay Sharma holds about a percentage of the holding and will no longer be the promoter of Paytm after the listing.
Morgan Stanley, Goldman Sachs, Axis Capital, ICICI Securities, JP Morgan, Citi and HDFC Bank are acting as investment bankers for the IPO, according to the DRHP filed with SEBI.
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