PayTM CEO Vijay Sharma visits Tirupati Temple in Andhra as firm’s IPO opens
PayTm founder and chief executive officer (CEO) Vijay Shekhar Sharma visited the Tirumala Tirupati Temple in Andhra Pradesh to “seek blessing” as the Initial Public Offer (IPO) of the company opened.
“Just met Jawahar Reddy, executive officer, Tirumala Tirupati Devasthanams (TTD) in Tirupati as I have come here to seek blessing of God for all of PayTm family,” Sharma tweeted on Monday.
At $2.46 billion ( ₹18.300 crore), PayTm IPO is expected to be the biggest in India. The price band of the three-day IPO till November 10, has been fixed at ₹2,080 and ₹2,150 per share. Notably, the feat of the biggest IPO in the country was earlier set by Coal India in 2010. As far as this year’s biggest IPO is concerned, food delivery firm Zomato held the title till now with its $1.3 billion (approximately ₹9,634 crore) share issue in July.
The PayTm IPO consists of ₹8,300 crore worth fresh issuance of equity shares and ₹10,000 crore from an offer for sale (OFS) by existing shareholders in the firm. On November 3, the company that was launched a decade before, raised ₹8,325 crore from anchor investors.
In the IPO, Sharma himself will offload shares worth up to $53.94 million ( ₹402.65 crore) besides top investor Ant Financial that aims to sell its 27.8% stake worth $643 million.
Owned by One97 Communication, PayTm has 33.7 crore registered consumers and handles the equivalent of around $80 billion.