Paytm will seek shareholder nod for it's IPO on July 12 as per reports. The payment merchant Paytm is looking to raise Rs 12000 cr which would make it India's largest IPO ever.
Paytm, formally called One97 Communications, is also likely at it's EGM decide if founder and chief executive Vijay Shekhar Sharma can be declassified as the promoter. This move will ease the obligations on Vijay Shekhar Sharma who currently holds only 15% in the company. Alibaba's Ant Group holds the most stake at 29.71%.
In the market for unlisted shares, Paytm share prices soared to as high as Rs 30,000/share before the company announced a bonus bringing it the price to Rs 3,000/share which would be more appealing to retail investors as per reports.
But Paytm isn't the only startup lining up for Dalal Street, there a rush for startup IPOs on the anvil. Read also -: Zomato, Nkyaa, Delhivery, Paytm: The IPO choices