Paytm’s parent company One97 Communications has filed a draft prospectus for its much-awaited initial public offering (IPO) of ₹16,600 crore on Friday. This will the biggest public issue in India. The company has a plan to raise primary funds worth Rs 8,300 crore. The offer for sale, where existing investors can sell their shares has been fixed at Rs 8,300 crore.
The proceeds of the IPO will be used to “strengthen its payment ecosystem and for new business initiatives and acquisitions," the company said in a its Draft Red Herring Prospectus (DRHP). The move came after a day the shareholders of One97 Communications approved its plans to raise Rs 12,000 crore through a fresh issue of shares.
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