Paytm requires employees to decide whether to sell shares as part of the digital payment pioneer plan IPO in order to get one step closer to what may be the largest public offering in the country. According to records verified by Bloomberg News, it was sold to its employees when preparing for the IPO on Monday.
Paytm’s board of directors approved the placement plan in principle and is closing the Red Hering project as soon as possible. In the first week of July, according to a person familiar with the matter, One97 Communications “is proposing to make an initial public offering of its shares (“holding”) based on market conditions.
Stock offering, subject to regulatory approval-company and other considerations as well as applicable laws and other considerations. One97’s secretary Amit Hera said in a statement to employees and shareholders that this aspect has been obtained Approved in principle by the company’s board of directors. The company’s investors are Berkshire Hathaway, Softbank Group. and Ant Group, which will raise approximately 218 billion rupees (3 billion U.S. dollars), which is estimated to be approximately $25 billion.
According to a report by Bloomberg News in May, from US$30 billion to US$30 billion. In 2010, Coal India raised more than £150 billion in the country’s largest IPO. According to estimates by unicorn tracking service CB Insights, One97 is valued at US$16 billion and is one of the new generation of promising start-ups in India. In the historic week of April, 6 startups reached $1 billion or more unicorn status in the technology industry.
Paytm’s public market debut will include new shares and existing shares to meet India’s regulatory obligations. 10% of the shares have been listed for two years, and 25% of the shares have been listed for five years. If employees agree to provide all or part of their shares, they can participate in the IPO, and this decision must be made before the IPO is submitted to the national regulator. The notice stipulates that unsold shares at the time of issuance will be frozen for one year.