Some of the names doing rounds include, JP Morgan, Morgan Stanley and ICICI Securities.
In an internal email on June 7, Paytm asked employees if they would like to sell their shares in the company’s IPO.
Employees will sell their shares as a part of the IPO
and can sell either a part or their entire stake. Shares not sold during the IPO will be subject to a one-year lock-in.
Paytm’s IPO plan received in-principle approval from its Board in May. If successful, this could be the biggest IPO by an Indian company, breaking Coal India’s 2010 record of Rs 15,475 crore.
Paytm is also targeting a valuation of $25 billion to $30 billion — 1.5-1.8 times its current valuation of $16 billion.
A recent report by Bernstein Research says that Paytm is not just a financial app provider but a group of synergistic fintech platforms.
The Paytm ecosystem covers payments (wallet/UPI), merchant acquiring, credit saving, asset management, insurance and broking services to complement its e-commerce/e-ticketing platforms. “Paytm has over 350 million installed base, 50 million active user base, and over 20 million merchant base. Around 100 million of those users are KYC compliant. Paytm’s non-payment businesses are scaling rapidly. It is aggressively working to monetise across multiple verticals to break-even in 12-18 months,” the report said.
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