Ant Group-backed fintech firm Paytm said it has allocated shares worth Rs 82.35 billion (USD 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 Rs 183 billion, which was increased last month from Rs 166 billion, garnered interest from 122 institutional investors who bought more than 38.3 million shares for Rs 2,150 apiece, according to a regulatory document dated November 3.
BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors.
Paytm has since branched out into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.
The company’s offering will open on Monday and top investor Ant Financial, with a 27.9 percent stake in Paytm, plans to sell shares worth Rs 47.04 billion.
Several companies including Paytm have tapped capital markets this year in a fund-raising frenzy on the back of record highs hit by the Indian stock market, which has outperformed Asian peers so far this year.
First Published: IST
