Paytm Seeks To Raise $268 Million In Pre-IPO Share Sale: Report

Digital funds agency Paytm is planning to lift $268 million in a funding spherical because it prepares for an preliminary public providing later this 12 months, a supply immediately conscious of the matter stated on Monday.

Paytm may even search to situation Rs 8,300 crore value of latest shares and its backers Alibaba and DelicateBank may have the choice to promote one other Rs 8,300 crore in inventory, stated the supply, who declined to be named because the discussions should not public.

Paytm's mum or dad, One97 Communications Ltd, will file a draft prospectus shortly after its extraordinary normal assembly on Monday for a home IPO that seeks to lift $2.3 billion, sources beforehand instructed Reuters.

That would make Paytm's IPO the nation's third-biggest in greenback phrases after state-run miner Coal India in 2010 and Reliance Power in 2008.

The firm received shareholders' approval on the EGM to lift capital and to promote as much as Rs 12,000 crore in new inventory, the supply added.

Paytm didn't instantly reply to a request for remark.

Paytm has employed JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the IPO, Reuters beforehand reported.

The pre-IPO funding spherical was first reported by Bloomberg.

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