Warren Buffett, SoftBank-Backed Paytm To Seek Stockholder Consent For $1.6B IPO Share Sale: Bloomberg
Indian digital payments startup Paytm, formerly known as One97 Communications, will seek shareholder approval to sell about $1.6 billion new stock in its initial public offering, Bloomberg reports.
Paytm plans to sell $1.61 billion in new shares plus a potential 1% for over-allotment.
Paytm plans to offer up to $3 billion shares in the IPO.
Paytm’s financial backers include SoftBank Group Corp (SFTBY) (OTC: SFTBF), Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B), and Ant Group Co.
Indian companies have raised $4 billion so far in 2021 via IPOs.
Earlier this month, Paytm asked its workers to formally declare their wish to sell stock as part of the public offering.
Paytm will also propose to remove founder Vijay Shekhar Sharma as a company promoter.
Paytm has engaged four banks, including JPMorgan Chase & Co (NYSE: JPM) and Goldman Sachs Group Inc (NYSE: GS), for the IPO.
See more from Benzinga
Nvidia Announces Minimum 0M Investment In UK Supercomputer: Reuters
China's 'Uber For Trucks' Startup Proposes To Raise About .6B In US IPO: WSJ
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.