As Paytm’s IPO kicks off, Founder-CEO Vijay Shekhar Sharma heads to Tirupati to ask for blessings


As the largest initial public offering (IPO) in the country, Paytm’s Rs. The sale of 18,300 crore shares began for subscription on Monday, November 8, Payment Founder and CEO Vijay Shekhar Sharma stepped down. went to Tirupati to ask for blessings. During his visit, the CEO of Paytm met the Managing Director of Tirumala Tirupati Devasthanams, Jawahar Reddy. Sharma shared a post on the microblogging site Twitter and said, “I just met Sh. Jawahar Reddy, Managing Director of Tirumala Tirupati Devasthanams (#TTD) in Tirupati, because I came here to ask for the blessing of God for the whole family @Paytm. “

Vijay Shekhar Sharma flies away after SEBI approves Paytm’s IPO

This isn’t the first time Shekhar has celebrated Paytm’s IPO success. Last month, when the Securities and Exchange Board of India (SEBI), the regulator of the Indian market, approved the initial public offering (IPO) of Rs 16,600 crore from Paytm, Paytm CEO Vijay Shekhar Sharma, was reportedly seen dancing with all her heart on the company’s premises to commemorate the event. Harsh Goenka, president of the RPG group, hailed SEBI’s clearance with a video of Sharma from Paytm dancing to a popular Bollywood song, “Apni to jaisi taise”. He had tweeted: “Scenes at Paytm’s office after SEBI approved one of India’s biggest IPOs.”

Paytm IPO increases Rs. 8,300 crore from pillar investors

Retail buyers can bid for a minimum of one lot of six shares up to a maximum of 15 lots. The company offers shares in the price range of Rs. 2,080-2,150 per share. A batch of Paytm shares will cost 12,900 rupees in the higher price range. Paytm’s IPO includes Rs. 8,300 crore new issue and an offer to sell of Rs. 10,000 crore (OFS) by existing shareholders. Investors such as Japan’s SoftBank, Chinese Ant Group and Alibaba, as well as Elevation Capital, are among the major investors diluting their interests in the IPO, in addition to Paytm’s chief executive and CEO Vijay Shekhar Sharma.

Paytm plans to use the proceeds from the IPO to fund various initiatives, including “acquiring consumers and merchants and providing them with increased access to technology and financial services.” The remainder of the funds will be used for other corporate initiatives, such as new business ventures, partnerships and acquisitions. More than 100 institutional investors, including the Singapore government, received shares worth Rs 8,235 crore from Paytm ahead of the country’s biggest stock market start.

According to a regulatory statement dated November 3, Paytm caught the attention of 122 institutional investors, who bought more than 38.3 million shares for $ 2,150 each. Investors included BlackRock Global Funds, the Canada Pension Plan Investment Board and Abu Dhabi Investment Authority.

Mobile payment company launches largest IPO in India

Paytm, which started as a mobile top-up platform a decade ago, quickly grew after Uber included it as a fast payment option. When India banned high-value foreign currency banknotes in 2016, it further encouraged digital payments. Following record highs in the Indian stock market, which has outperformed its Asian peers so far this year, several companies, including Paytm, have entered the capital markets in a fundraising frenzy this year.

According to data from Refinitiv, 157 companies in India, including Nykaa, backed by TPG, Oyo Hotels and Rooms, and online insurance aggregator Policybazaar, raised $ 17.22 billion through initial public offerings this past. year, compared to $ 8.54 billion raised by 49 companies during the same period. Last year. Paytm’s IPO is expected to be the largest in the history of the Indian company, breaking the previous record of Rs 15,000 crore set by Coal India Ltd over ten years ago.

(Image: @ vijayshekhar / Twitter / Shutterstock)

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