Paytm files draft papers for Rs 16,600 crore IPO

Paytm plans to raise Rs 8,300 crore through fresh equity and another Rs 8,300 crore through offer-for-sale.

New Delhi: Digital payments and financial services firm Paytm has filed a draft red herring prospectus for its proposed Rs 16,600-crore initial public offering (IPO) with the Securities and Exchange Board of India. According to the document, the company plans to raise Rs 8,300 crore through fresh equity and another Rs 8,300 crore through offer-for-sale. Paytm founder, managing director and chief executive officer Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.