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Paytm Preps With DRHP For $3 Billion Worth Initial Public Offering

According to the latest reports, Paytm has got its board members' approval for the much-awaited IPO. The company gears up with the DRHP for $3 billion worth of initial public offering

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One of the most popular Indian e-commerce payment set-up- Paytm has been doing rounds for its IPO lately.  Investors were seen creating a strong buzz on social media about the initial public offering of the company. The wait seems to have come to an end for all those wanting to invest in this Noida, Uttar Pradesh-based company. According to the latest reports, Paytm has managed to get approval from its board of members for the filing of the DRHP ahead of opening the IPO. The company has also apparently begun prepping to file the draft red herring prospectus and it is expected to do the filing in the first week of July.

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Reportedly, Paytm has asked its employees to decide whether they want to sell shares in the digital payments pioneer’s planned initial public offering or they want to take another step toward the debut of the IPO. The company had formally called for One97 Communications on Monday, wherein it had asked the company shareholders for their choices.

The company’s main shareholders include Berkshire Hathaway Inc., SoftBank Group Corp. and Ant Group Co. And it aims at raising about Rs. 218 billion ($3 billion) at a valuation of around $25 billion to $30 billion, Bloomberg News reported in May.

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Also Read: Paytm Adds COVID-19 Vaccine Slot Finder In App, Get Alerts When Slots Open

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