Paytm plans to go public around Diwali, seeks valuation of over $25 billion

Paytm

Paytm’s $3-billion initial public offering (IPO) is likely to be slated for Diwali (October-December) and the company is targeting a valuation of over $25 billion, CNBC-TV18 has reported.

The draft red herring prospectus (DRHP) for the listing is expected to be filed in June or July, the news channel said. The IPO will include a secondary share sale by Paytm investors on a pro-rata basis.

After board approval of the listing, Paytm investors will need to approve IPO-related aspects, the report said. Paytm will likely split its stock during the listing.

Paytm, owned by One97 Communications, is currently valued at $16 billion.

Paytm did not comment on the story when contacted by CNBC-TV18.

Moneycontrol had earlier in the day reported that the board of One97 Communications will meet on May 28 to discuss the IPO plans.

Several internet startups are working on listing on exchanges in 2021 and 2022. Food delivery company Zomato had filed its Draft Red Herring Prospectus for its IPO in April.

News Source:- Moneycontrol

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