Paytm public offer, country’s biggest, to open on Nov 8

New Delhi, October 28

One97 Communications, which operates under Paytm brand name, will come out with the country’s biggest initial public offer on November 8 in the price band of Rs 2,080-2,150 per share, implying a valuation of around Rs 1.48 lakh crore.

Rs18,300-cr initial public offering

• The Rs18,300-crore offer will be the biggest in the country after Coal India’s IPO back in 2010 wherein the state-owned company had garnered Rs15,200 crore
• The IPO comprises issuance of fresh equity shares worth Rs8,300 crore and Offer for Sale by existing shareholders to the tune of Rs10,000 crore

The Rs 18,300-crore offer will be the biggest in the country after Coal India’s IPO in 2010 wherein it had garnered Rs 15,200 crore.

In a pre-IPO conference on Thursday, One97 Communications MD and CEO Vijay Shekhar Sharma said he has received personal messages from investors who want to invest for the first time in the country and asserted that “this is the age of India”.

The IPO — which will close for subscription on November 10 — comprises issuance of fresh equity shares worth Rs 8,300 crore and Offer for Sale (OFS) by existing shareholders to the tune of Rs 10,000 crore.

“The price band that is set at Rs 2,080 to Rs 2,150 per share implies an enterprise value of $19.3 to $19.9 billion,” Sudarshan Ramakrishna, Managing Director of Goldman Sachs India Securities said during the IPO presentation.

At current exchange rates, the enterprise value is in the range of Rs 1.44 lakh crore to Rs 1.48 lakh crore. The company skipped pre-IPO funding round to expedite launch of the initial share sale.

“If we can say 2010-20 was for Asia at large, China and Japan and for other countries. 2020-30 is 100% for India. This is the age of India. Whether you are a private company, young startup or have potential to list or a listed company. This is the time that the world is going to give you money,” Sharma said. — PTI