Paytm in talks with ADIA, BlackRock for IPO stakes
- ByManjeet Singh | October 7, 2021
India’s Paytm is seeking anchor investors for its upcoming IPO, according to people familiar with the matter.
Abu Dhabi Investment Authority and Singapore’s GIC Pte are among those considering bidding for the IPO, the sources said, asking not to be identified as the information is private.
A number of other global financial firms, including Nomura Holdings Inc. and BlackRock Inc., are also mulling bids, the people said. The company might seek a valuation in the range of $20 billion to $22 billion based on initial investor feedback, they said.
Securities and Exchange Board of India has yet to approve the draft preliminary prospectus which was filed in July, according to one person.
Other companies might bid for the stakes as negotiations progress, the people said. Paytm declined to comment, while ADIA, BlackRock, GIC, and Nomura did not respond to requests for comment.
The market for first-time share sales in India is booming on the back of debuts from tech firms like Zomato Ltd., which raised $1.3 billion. Bloomberg estimates that $10.8 billion has been raised in IPOs this year. At the current rate, 2021 would surpass the all-time record of $11.8 billion.
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