infotechlead

Paytm gets regulatory approval for $2.2 bn IPO in India

Indian fintech firm Paytm has received approval from the capital markets regulator for its $2.2 billion stock market listing that is likely to be India’s biggest ever IPO.
Paytm digital payment IndiaPaytm was planning its initial public offering for around the end of October, Reuters previously reported. The news report did not mention about cases against the Indian promoter of Paytm.

The company’s backers include China’s Ant Group, Japan’s SoftBank Vision Fund and US-based Berkshire Hathaway.

Paytm narrowed its operating loss to 16.55 billion rupees ($221.00 million) in the financial year that ended in March 2021, from 24.68 billion a year earlier. A source told Reuters in July that Paytm was likely to break even in 18 months.

Several startups in India are preparing to go public on domestic bourses, following on the heels of food delivery firm Zomato. Ant Group is a shareholder in Zomato as well.

Ant Group, with a roughly 30 percent stake, is Paytm’s largest shareholder.

Latest

More like this
Related

What Global Payments’ $22.7 bn Worldpay deal means for customers

Global Payments is adopting a multi-pronged strategic approach with...

Sports betting industry struggles with invalid traffic

The global sports betting industry is growing rapidly, with...

Digital transformation spending in EMEA to reach $1,201 bn

Digital transformation (DX) spending in Europe, the Middle East,...

Paytm merchant subscriber base for payment devices reaches 1.17 crore

Paytm’s user base continues to expand, driven by growth...