Digital funds agency Paytm is planning to lift $268 million in a funding spherical because it prepares for an preliminary public providing later this yr, a supply straight conscious of the matter mentioned on Monday.
Paytm may even search to subject Rs 8,300 crore price of latest shares and its backers Alibaba and SmoothBank may have the choice to promote one other Rs 8,300 crore in inventory, mentioned the supply, who declined to be named because the discussions aren’t public.
Paytm’s mother or father, One97 Communications Ltd, will file a draft prospectus shortly after its extraordinary basic assembly on Monday for a home IPO that seeks to lift $2.three billion, sources beforehand advised Reuters.
That would make Paytm’s IPO the nation’s third-biggest in greenback phrases after state-run miner Coal India in 2010 and Reliance Power in 2008.
The firm gained shareholders’ approval on the EGM to lift capital and to promote as much as Rs 12,000 crore in new inventory, the supply added.
Paytm didn’t instantly reply to a request for remark.
Paytm has employed JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the IPO, Reuters beforehand reported.
The pre-IPO funding spherical was first reported by Bloomberg.
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