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Paytm IPO July 19 2021Apply for PayTM IPO: Issue Date, Price, Review

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Paytm IPO details 

The parent firm of financial platform Paytm, One97 Communications, has filed draft documents for an initial public offering (IPO) to raise Rs 16,600 crore, making it the latest in a long line of Internet companies to list on Indian stock exchanges.

While Rs 8,300 crore will go toward initial share sales, another Rs 8,300 crore will go toward selling existing investor’s shares.

According to the draft prospectus, Rs 4,300 crore will be utilized for growth, including customer and merchant acquisition, and Rs 2,000 crore for new business initiatives, acquisitions, and strategic alliances.

This will also be India's largest public offering to date, surpassing Coal India's record of Rs 15,000 crore raised over a decade ago, demonstrating institutional investor's desire for new-age Internet enterprises.

Mobikwik has already filed its draft documents, while Zomato's IPO opened for subscription on July 14 and is expected to list later this month. Policybazaar and Nykaa are also anticipated to follow suit, hoping to capitalize on the positive response from institutional investors, foreign funds, and market momentum.

Paytm's move to file a Draft Red Herring Prospectus (DRHP) with market regulator Sebi comes only days after the company's shareholders authorized a new share offering for Rs 12,000 crore at an extraordinary general meeting.

Shareholders also nodded for the declassification of Paytm founder and CEO Vijay Shekhar Sharma as a promoter, despite the fact that he does not own the required 20% share in the company. Sharma presently has 14.61 percent of the company's stock.

This aligns with Paytm's intentions to become a PMC, or professionally managed company, which necessitates SEBI approval. No single entity can own more than 25% of the corporation under this rule. Aside from the adoption of new articles of association, the stakeholders approved changes to the Employee Stock Options Plan on July 12. 

Paytm's income for FY 20-21 was Rs 3,186 crore, down from Rs 3,540 crore the previous year. It reduced losses to Rs 1,701 crore from Rs 2,942 crore the previous year during the same period.

According to records with the registrar of companies (ROC), Jing Xiandong of Ant Group has stepped down from One97's board and has been replaced by Douglas Lehman Feagin. Feagin is Ant Group's senior vice president and is based in the United States.

Vijay Shekhar Sharma started One97 in the year 2000. It began as a value-added service provider and has since evolved into an online mobile payments company.

This isn't One97's first attempt to go public. In 2010, the company, which at the time provided telecom consumers with value-added services (VAS), planned to raise Rs 120 crore ($28 million) through an IPO (IPO). Because of the market's volatility, it had to cancel its strategy.

Paytm is presently India's second most valuable Internet firm, with a market capitalization of $16 billion following a billion-dollar funding round led by T Rowe Price, Discovery Capital, and D1 Capital in November 2019.

In addition to these investors, the company's significant stakeholders include Ant Financial Netherlands, Alibaba Singapore, three Elevation Capital funds, SoftBank Vision Fund, and BH International Holdings.

Paytm will surpass ed-tech business Byjus, which is presently the country's most valuable private internet Company, if it goes public at the $25-30 billion valuation it is aiming. 

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