Delhi-based Paytm is readying itself up for a listing soon, with a long list of suitors lined up in the midst of a pre-IPO buzz — and for good reason too. The online payments provider was founded in 2010 and since then has been instrumental in pushing forward a digitization trend within India’s banking sector. With users being able to pay for everything from mobile top-ups, metro cards, and even electricity bills through Paytm Wallet (a virtual wallet), the company has grown to become the biggest online payments platform nationwide.
It comes as no surprise then that news of its listing has reached shores as far-flung as the UAE and Singapore, as the Abu Dhabi Investment Authority and GIC (Singapore’s sovereign wealth fund) are a few of many waiting for Paytm shares. BlackRock (BLK) and Nomura are also on that list as rumors have come out that Paytm could be seeing a valuation of $20-22b.
Why it matters
India’s IPO market is booming and Paytm’s listing could see a record-breaking amount of total IPO listing proceeds in the country. With $10.8b already raised year-to-date, Paytm’s planned $2.2b in listing proceeds might be enough to tip the scales and exceed the $11.8b record.
