Image Credit : The Economic Times
India’s digital payments start-up Paytm is reported to have hired four banks for its initial public offering. Sources familiar to the matter revealed that JPMorgan Chase &Co. and Goldman Sachs Group Inc. are among the four banks to be signed up.
Sources further disclosed that the board of the start-up formally named One97 Communications have also agreed with Morgan Stanley and ICICI Securities Limited to help with the sale.
Earlier in the last month, Bloomberg News reported that Paytm is set to join global share sale frenzy with a proposal to obtain nearly 218 billion rupees ($3 billion) in the initial share sale. This would mark it to be India’s largest IPO. As far as the data compiled by Bloomberg is concerned, as of 2021, around $3 billion has been obtained through IPOs in the South Asian nation, the best start to the year since 2018.
As per reports, Paytm has set an objective to raise $3 Billion IPO, the largest in India as yet. Representatives from JPMorgan and ICICI Securities refused to voice about the matter. Goldman Sachs and Morgan Stanley too didn’t turn up to the questions. As yet, Paytm spokesperson too didn’t comment.
Earlier in June, the company backed by SoftBank Group Corp., Berkshire Hathaway Inc and Ant Group enquired its worker to officially voice whether they proposes to sell stock as a part of the public offering. The declarations would be needed prior to the establishment of the prospectus by the company. The prospectus is assumed to be handed in to the regulators in early July.