India mobile payment giant eyes $1.6B stake sale - Mobile World Live

India mobile payment giant eyes $1.6B stake sale

18 JUN 2021

Paytm parent One97 Communications reportedly outlined its intention to issue $1.6 billion-worth of new shares to be sold as part of a wider IPO, with existing investors set to vote on the matter at an EGM scheduled for mid-July.

The Economic Times reported the revelation was published in the contents of an agenda for the meeting sent to shareholders, which include SoftBank Group, Alipay parent Ant Group and several investment funds.

In addition to the sale of its newly-released equity, existing shares would likely be floated in the company’s heavily rumoured IPO, potentially including those owned by employees or third party investors.

Bloomberg last month estimated the company could sell $3 billion-worth of shares in the float, with the publication subsequently reporting One97 Communications had appointed four banks to oversee the process.

One97 Communications runs Indian mobile payment service Paytm, alongside various affiliated platforms providing services including online shopping, retail payment infrastructure, consumer savings accounts and a locally-focused app store.



Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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