Paytm $2.2b IPO hits snag as firm’s ex-director asks regulator to stall listing

Details:

• The SoftBank and Ant Group-backed Indian mobile payment company claims that the actions of Ashok Kumar Saxena (the ex-director) are “mischievous attempts to harass the firm,” but the latter argues that an individual has no position to harass a high-profile company.
• Saxena told the Securities and Exchange Board of India that if his claim is verified, investors might end up losing money.

Dive deeper:

• A signed document showed that Saxena was supposed to get 55% equity in parent company One97 Communications, with Paytm CEO Vijay Shekhar Sharma getting the rest. Saxena alleges that he had invested US$27,500 about two decade ago but never got the shares.
• Paytm filed a draft red herring prospectus in July looking to raise US$2.2 billion through its listing on the Indian bourses.