Indian digital payments leader Paytm has boosted the size of its initial public offering to 183 billion rupees ($2.44 billion) from Rs 166 billion, as existing shareholders look to sell more bigger stakes ahead of the country’s largest stock market listing.
Paytm has set a price band of Rs 2,080 to 2,150 per share for the IPO for a valuation of around $20 billion, a filing with BSE showed.
The company increased the size of its IPO as it received increased investor demand, said a source, who did not wanted to be named as the information was not public.
Paytm did not immediately respond to a Reuters request for comment.
Several companies including Paytm have jumped into India’s capital markets as investors ride a wave of liquidity that has taken domestic markets to record highs.
IPO on November 8
Food delivery firm Zomato, which also counts China’s Ant Group as a shareholder, is up 77% since its listing in July.
Paytm’s offering will open on November 8 and will see top investor Ant Financial sell shares worth Rs 47.04 billion, or nearly half the offer for sale component. Ant currently holds 183.3 million shares, or a 27.9% stake, in Paytm.
While Paytm did not increase the size of its fresh issue component, which still stands at Rs83 billion, it expanded the offer for sale part to Rs 100 billion from Rs 83 billion earlier.
The IPO is likely to be the biggest in India’s corporate history, breaking a record held by Coal India, which raised Rs150 billion more than a decade ago.
- Reuters with additional editing by Jim Pollard