Paytm has raised its IPO target as global investors pour in. Ant Group, the largest stakeholder of Paytm, is selling its shares in compliance with regulations.
Paytm has revised its public issue size to USD 2.44 billion from the initial USD 2.21 billion. The IPO, likely to be the biggest in Indian history, is set to open for subscription from November 8 to November 10.
Ant Group, the largest share holder of Paytm, is planning to execute nearly 50% of the secondary share sale through OFS in the upcoming IPO. This means that Ant Group would come to below 25% holding of One97 Communication, parent company of Paytm, from nearly 30%. The sale is mostly due to a regulation that forbids a 'professionally managed company', which Paytm is listing as, to be owned by more than 25% by a single entity.
Paytm is a payment app that helps with bill payment, investment, booking flights and hotels, and many more. The digital payments platform allows its customers to transfer cash into the integrated wallet via credit and debit cards, online banking, and depositing cash via select banks and partners.