Paytm IPO to Open: The date of IPO of merchant payment company Paytm has been fixed. Paytm’s IPO will open for subscription on November 8 and will close on November 10. After this, the shares can be listed on the stock exchange on November 18. This is going to be the biggest IPO ever in the history of India.
Shares will be Listed in the Name of One97 Communication
Paytm’s parent company is One97 Communications. Therefore, the shares of Paytm will be listed on the stock exchange in the name of One97 Communication. Paytm has also increased its IPO size from Rs 16,600 crore to Rs 18,300 crore. Paytm plans to raise Rs 10 thousand crore through offer for sale (OFS), while Rs 8,300 crore through new shares (IPO).
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Earlier There was a Plan to Raise Equal Amount
Paytm had earlier plans to raise an equal amount through new shares and offer for sale, but due to the enthusiasm seen in the IPO market, the company has increased the amount to be raised from the offer for sale by Rs 2,000 crore. Offer for sale means that the existing investors of the company will sell their stake in the IPO.
Who will Sell How Much in OFS?
- Company’s top executive Vijay Shekhar Sharma will sell shares worth Rs 402 crore
- Antfin will sell its shares worth Rs 4,704 crore in the open market
- China’s Alibaba Group will withdraw shares worth Rs 784 crore from its stake
- Apart from this, many more companies will also sell their stake in Paytm in the IPO.
Coal India has the Record of Biggest Issue
Before Paytm, Coal India had brought the biggest IPO. Coal India raised Rs 15,299 crore through IPO in 2010. However, the record of Paytm is not going to last long, because LIC is going to bring its IPO in this financial year. Through this LIC can raise an amount of 80 thousand crores to 1 lakh crore rupees. Paytm IPO to Open.
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November will be a Hit
The month of November will be on top in terms of raising the highest amount so far in terms of the Indian IPO market. November is starting with 3 IPOs. On November 1, two more companies along with Policybazaar will enter the market to raise around Rs 6,500 crore. At the same time, Paytm will raise Rs 18,300 crore in this month. In such a situation, about 25 thousand crore rupees will be raised in November from these four IPOs.