Paytm Is Bringing The Country’s Largest IPO

Paytm is bringing the country’s largest IPO, shareholders’ seal on the proposal of a public offer of Rs 16,600 crore.

Digital payment and financial services company Paytm has received approval from its shareholders to bring the country’s largest public issue of Rs 16,600 crore.

Shareholders have approved raising of Rs 12,000 crore during the initial public issue and with the sale of secondary shares, the total would be Rs 16,600 crore.

The company may submit documents for the IPO this week. Till now the record of the largest IPO was in the name of Coal India. It had raised around Rs 15,500 crore in the last quarter of 2010.

“The shareholders approved all the proposals in the Extraordinary General Meeting (EDM).

Shareholders have approved the raising of capital during the IPO and issue of fresh shares up to Rs 12,000 crore. With the sale of secondary shares, a total of Rs 16,600 crore will be realized.

According to the source, the market valuation of the company after the IPO may increase to between Rs 1.78 lakh crore and Rs 2.2 lakh crore.

After this Paytm is expected to be among the top 10 listed financial services in the country. The query sent to Paytm via e-mail is yet to be answered.

The shareholders also passed a resolution that the company’s founder Vijay Shekhar Sharma would not be recognized as the company’s ‘promoter’,

But would continue to be Paytm’s chairman, managing director, and chief executive officer.

Alibaba’s Ant Group holds 29.71 percent, Japan’s Soft Bank 19.63 percent, SAIF Partners 18.56 percent, and Vijay Shekhar Sharma 14.67 percent in Paytm.

Sensex took a sharp flight, NTPC-ICICI Bank shares shine with a gain of 300 points.

The main index Sensex of the stock market opened with great momentum on Tuesday. It opened at 52,694 points against Monday’s close of 52372 points.

It saw a rise of more than 300 points. Shares of other companies including NTPC, ICICI Bank also saw a rise. At the same time, Nifty 50 was also trading at 15757 points, up 65 points.

Earlier on Monday, the stock markets closed almost stable at the end, slipping from the day’s high.

There was good buying in bank stocks but its positive impact was mostly wiped out by profit-booking in IT and metal stocks. The 30-share Sensex fell for the third consecutive trading session.

It closed at 52,372.69, down 13.50 points, or 0.03 percent. During the trading, it fluctuated around 500 points and went up to 52,700.51 in the high and 52,208.96 in the low.