Paytm Board grants in-principle approval for IPO

The board of One97 Communications, the parent firm of Paytm, has given its in-principle approval for the $3 billion (nearly ₹22,000 crore) initial public offer, according to sources.

The Board took up the matter for discussion in its meeting on Friday.

“The Board has given in-principle approval for the IPO. The company expects to raise around ₹21,000-₹22,000 crore,” a source said, adding that the company is eyeing a timeline of July for the draft red herring prospectus (DRHP) and October-December quarter for the IPO.

However, the actual IPO timeline may differ depending on the prevailing market conditions at the time, the source added.

According to a note by investment research firm Bernstein, Paytm is on track to break-even in 12-18 months and they expect the revenue base to double by FY23 to USD 1 billion, with non-payments revenue contributing – 33%.

Paytm’s biggest shareholders include Alibaba’s Ant Group (29.71%), Softbank Vision Fund (19.63%), Elevation Capital (formerly Saif Partners) (18.56%) and Vijay Shekhar Sharma (14.67%). Other investors include Berkshire Hathaway, Alibaba Group and T Rowe Price.

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