Indian fintech firm Paytm signs up over 100 institutional investors for IPO
Information about Indian fintech firm Paytm signs up over 100 institutional investors for IPO
Kevin David Scam or Legit
BENGALURU (Reuters) – Ant Group-backed fintech firm Paytm said it has allocated shares worth 82.35 billion rupees ($1.11 billion) to more than 100 institutional investors, including the government of Singapore, ahead of what is expected to be India’s largest stock market listing.
Paytm’s offer of up to 183 billion rupees, which was increased last month from 166 billion rupees, garnered interest from 122 institutional investors who bought more than 38.3 million shares for 2,150 rupees apiece, according to a regulatory document dated Nov. 3.
BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors.
Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency bank notes in India boosted digital …