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Paytm gets ready for the much awaited IPO

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Fintech unicorn Paytm is one step closer to joining the IPO bandwagon. The SoftBank backed payments startup has filed for an Initial Public Offering of up to ₹16,600 crore, draft red herring prospectus(DRHP) submitted to market regulator SEBI showed on Friday, as reported by Reuters. 

The IPO will include an issue of new shares worth ₹8,300 crore and an offer for sale worth ₹8,300 crore.

Headquartered in Noida, the company which is owned by One97 Communications Ltd, said it would use the proceedings to strengthen its payment system and for new business initiatives and acquisitions. JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank are the booking running managers for the IPO.

This will be India’s biggest IPO so far, surpassing the Coal India IPO, which raised ₹15,000 crore a decade ago.