According to an industry source, Digital payments and financial services provider company Paytm has received basic level endorsement from the company’s board to raise around Rs 22,000 crore through an initial public offering (IPO) during the October-December quarter this year.
For the IPO, the company is aiming for an enterprise value of more than Rs 2 lakh crore.
One97 Communications, founded in 2000 by Vijay Shekar Sharma, began as a prepaid and mobile recharge platform before the launch of Paytm in 2010. Paytm is now one of India’s largest digital payments companies, with its offerings spanning digital payments such as UPI, credit and debit cards, wealth management via Paytm Money, and banking services via Paytm Payments Bank. Insurance, mutual funds, and other services are available.
Alibaba’s Ant Group (29.71 percent), SoftBank Vision Fund (19.63 percent), Saif Partners (18.56 percent), and Vijay Shekhar Sharma are among Paytm’s shareholders (14.67 percent).
AGH Holding, T Rowe Price, Discovery Capital, and Berkshire Hathaway all own less than 10% of the company.