Paytm IPO opens on 8th, Swiss Re boards non-life

MUMBAI: The Rs 18,300-crore mega IPO of Paytm’s parent One97 Communications will open on November 8 and close on the 10th. The company cleared the last hurdle for its IPO — a nod to its offer document from the Registrar of Companies — on Wednesday. The clearance for the IPO came on the day Swiss Re announced a Rs 920-crore investment in Paytm Insuretech, the holding company for its non-life business, for a 23% stake.
The price range for the shares is likely to be Rs 2,080-2,150. At that price range, the company’s targeted valuation is around $20 billion (Rs 1.5 lakh crore). The red herring prospectus gives an insight into the company’s financial performance in the first quarter.
According to the document, the company’s revenue is up 46% to Rs 948 crore in Q1FY22 from Rs 649 crore in Q1FY21. Paytm’s losses stood at Rs 382 crore for the three months ended June 2021 following higher employee expenses, which include accounting for ESOPs and an increase in headcount.