Paytm, one of India's largest mobile payments and e-commerce companies, is going public in what would become the country's largest local IPO.
The firm has reportedly raised $1.1 billion in its anchor round, making it the largest-ever anchor round for a startup going public in India.
- Paytm's IPO anchor round was led by BlackRock, Canada Pension Plan Investment Board, and GIC, which collectively invested $335.6 million.
- The round was reportedly oversubscribed by 10X, with 122 other funds placing bids to invest in the company's IPO.
- Paytm's IPO is scheduled to take place on 8th November, with an initial listing price of $27.90 - $28.85 per share.
Why It Matters
- Paytm's IPO will not only be India's largest, it would also set the stage for more startups going public locally.
- The company has had strong business growth over the past few months, displaying a 62% growth in Q1 2021.
- Paytm has filed to raise $2.2 billion in its IPO.
- The list of investors in Paytm include Berkshire Hathaway, SoftBank Group, and Alibaba Group.