Warren Buffett, SoftBank-Backed Paytm To Seek Stockholder Consent For $1.6B IPO Share Sale: Bloomberg - Berkshire Hathaway Inc. Common Stock (NYSE:BRK/A), SoftBank Group (OTC:SFTBF), Berkshire Hathaway Inc. New Common Stock (NYSE:BRK/B), SoftBank Group (OTC:SFTBY)

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.

Posted In: News IPOs Tech Media Bloomberg Briefs