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) SFTBFBerkshire 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.

Posted In: BloombergBriefsNewsIPOsTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.