• Indian digital payments startup Paytm, formerly known as One97 Communications, will seek shareholder approval to sell about $1.6 billion new stock in its initial public offering, Bloomberg reports.

  • Paytm plans to sell $1.61 billion in new shares plus a potential 1% for over-allotment.

  • Paytm plans to offer up to $3 billion shares in the IPO.

  • Paytm’s financial backers include SoftBank Group Corp (SFTBY) (OTC: SFTBF), Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B), and Ant Group Co.

  • Indian companies have raised $4 billion so far in 2021 via IPOs.

  • Earlier this month, Paytm asked its workers to formally declare their wish to sell stock as part of the public offering.

  • Paytm will also propose to remove founder Vijay Shekhar Sharma as a company promoter.

  • Paytm has engaged four banks, including JPMorgan Chase & Co (NYSE: JPM) and Goldman Sachs Group Inc (NYSE: GS), for the IPO.

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