Paytm Introduces “Offer for Sale” To Its Employees As It Moves Ahead With A $3 Billion IPO
- ByStartupStory | June 10, 2021
Most vividly used app for digital payment, Paytm has sent an offer for sale (OFS) to its employees as the company is expanding its groundwork at the forthcoming Initial Public Offering worth $3 billion by the end of this year.
This OFS will enable Paytm’s staff to sell their shares as part of this Initial Public Offering (IPO) which is determined to be potentially the largest debut in the country’s stock market. By showing their consent to offer the whole or a part of their equity shares they’ll be able to partake in the IPO. However, the notice clarifies that shares that will not be sold in the offering will get locked in for a year-long period.
Furthermore, Current stakeholders will be allowed to sell more aggregate of shares than the limit permitted during IPO on the pro-rata basis. Furthermore, the notice clarifies that shares that will not be sold in the offering will get locked in for a year-long period.
The company’s board has shown a green signal to the offering plans in principle. However, finalizing the draft red herring prospectus which is to be submitted in the first week of July is yet in process.
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