PayTM got the approval from the security and exchange board of India to issue IPO. The Securities and Exchange Board of India (SEBI), India’s stock market regulator, has recently allowed Paytm to issue an IPO worth Rs 16,600 crore. The size of Paytm’s IPO is expected to increase by at least Rs 1,000 crore to Rs 2,000 crore.
This will be done through trading of shares in the secondary market where the existing shareholders will sell their shares. The company plans to list in the market by the second week of November, according to Indian media.
Paytm, which is set to become India’s largest IPO, has announced a road show to publicize the IPO. In the IPO, only 10 percent of the total issue has been reserved for the public.
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The company will issue new shares worth Rs 8,300 crore and an equivalent offer for sale (OFS). Paytm chief founder Vijay Sheer Sharma will sell some of his shares, while chief founding investors Soft Bank, Ali Baba, Ant Financial Group and Saif will also reduce their shares. Saif Mauritius had bought 9.41 crore shares in the company for Rs 15 while Elevation Cap had bought 4.2 million shares for Rs 78. Similarly, Saif Partners bought 3.96 crore shares for Rs 306 while Alibaba bought shares worth Rs 4.42 crore for Rs 583.
India is currently experiencing high growth in both primary and secondary markets. From April to July last year, India raised Rs 270 billion in Indian capital through IPOs. The amount was raised through IPOs of 12 Indian companies during the period. Similarly, IPOs of about 40 companies worth Rs 700 billion are still in the pipeline.
Source merolagani.com