India’s Paytm to offer more shares during IPO: report

India’s Paytm to offer more shares during IPO: report

(MENAFN- Asia Times) While Paytm is scheduled to enter the capital markets next month, the digital payments major has hiked its issue size to 183 billion rupees (about US$2. 5 billion) from the 166 billion rupee figure that was originally planned. This is way above the previous biggest initial public offering of 154 billion rupees in India's capital markets history by Coal India. The increased portion will come from its offer-for-sale component with existing shareholders selling more of their shares. China's Ant Group, the largest shareholder in Paytm, is likely to execute nearly 50% of its secondary share sale through the offer for sale component, the Economic Times reported. The size of the primary offering will remain at 83 billion rupees, while the secondary size will now be 100 billion rupees. The shares of Paytm's parent One 97 Communication will be listed in the Bombay Stock Exchange as well as National Stock Exchange. With this sale, Ant's stake in One97 will drop below 25%. According to the guidelines laid down by the Securities and Exchange Board of India, to be a professionally managed company, no single entity can hold more than a 25% stake in the company. The other companies