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Deepti Sri · · 1 min readSingapore’s GIC to take part in Alibaba-backed Paytm’s IPO bid
“India’s Paytm is in talks with sovereign wealth funds and financial firms to become anchor investors in its upcoming blockbuster initial public offering,” Livemint reported, citing people familiar with the matter.
Details:
- State-backed investors such as Abu Dhabi Investment Authority and Singapore’s GIC are looking to participate in the bidding process for Paytm’s IPO. Private investment firms BlackRock and Nomura Holdings are also in talks to join the bid.
- Based on initial investor feedback, Paytm is supposedly seeking a valuation in the range of US$20 billion to US$22 billion. While the company is still awaiting approval from India’s market regulator for its listing, it reportedly has enough bids to cover the shares allocated for anchor investment in the IPO.
Dive deeper:
- Paytm has filed a draft red herring prospectus with market regulators to raise US$2.2 billion from its IPO, which is said to be one of the largest public offerings in India. (Read: Paytm IPO: 8 key points about India’s largest stock market debut)
- Recently, the Alibaba-backed fintech firm acquired CreditMate for an undisclosed sum. CreditMate helps lenders collect overdue payments from their borrowers.
Editing by Collin Furtado and Lorenzo Kyle Subido
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