- 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) 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 JPM and Goldman Sachs Group Inc GS, for the IPO.
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