Leading fintech firm Paytm has received in-principle approval from the company’s board to raise around Rs 22,000 crore through an initial public offer during the October-December quarter this year, PTI said, quoting an unnamed industry source.
The company is looking at an enterprise value of over Rs 2 lakh crore for the IPO, which is likely to be discussed at its board meeting scheduled for June 4.
“The board of directors of Paytm has given in-principle approval for the mega IPO planned to be launched in October-December quarter. The company expects to raise around Rs 21,000-Rs 22,000 crore from the IPO,” the source aware of the development told PTI.
Paytm shareholders include Alibaba’s Ant Group (29.71 per cent), Softbank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent), Vijay Shekhar Sharma (14.67 per cent) with AGH Holding, T Rowe Price and Discovery Capital, and Berkshire Hathaway holding less than 10 per cent stake in the company.
Paytm had reported narrowing of loss by 40 per cent and increase of revenue to Rs 3,629 crore on YoY basis in FY20.