Paytm signs up over 100 institutional investors for IPO

Paytm signs up over 100 institutional investors for IPO

Paytm's offer of up to 183 billion rupees, which was increased last month from 166 billion rupees, garnered interest from 122 institutional investors who bought more than 38.3 million shares for 2,150 rupees apiece







Reuters









November 04, 2021 / 04:37 PM IST





Ant Group-backed fintech firm Paytm said it has allocated shares worth Rs 82.35 billion ($1.11 billion) to more than 100 institutional investors, including the government of Singapore, ahead of what is expected to be India's largest stock market listing.

Paytm's offer of up to 183 billion rupees, which was increased last month from 166 billion rupees, garnered interest from 122 institutional investors who bought more than 38.3 million shares for 2,150 rupees apiece, according to a regulatory document dated November 3.

BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors.

Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency banknotes in India boosted digital payments.

Paytm has since branched out into services including insurance and gold sales,