Paytm IPO subscription to open 8 Nov

The initial public offering of digital payments firm Paytm will open for subscription on November 8 in the price band of Rs 2,080 to Rs 2,150 apiece and close on November 10, according to sources.

The company has filed papers with markets regulator SEBI which will be updated with price band, individual investor stake sale and other details later. The company is planning to get listed on November 18, the sources added.

Paytm has decided to increase its IPO size to Rs 18,300 crore from Rs 16,600 crore earlier, with the company’s biggest shareholder Alibaba group firm Ant Financial and existing investors including Softbank deciding to dilute more stake in the firm. With existing shareholders deciding to dilute more equity, the offer-for-sale will go up by Rs 1,700 crore to Rs 10,000 crore. ”Roughly half of the offer for sale is by Ant Financial and the remaining by Alibaba, Elevation Capital, Softbank and other existing shareholders,” one of the sources said.

Softbank was not part of investors selling stake in the disclosure made by the company in its IPO draft paper.

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