Digital payments company Paytm is set to hit Dalal Street with an initial public offer next month. The fintech firm is likely to raise the IPO size to Rs 18,300 crore from Rs 16,600 crore in order to meet higher investor demand, and is looking at a valuation of $20 billion as against $16 billion earlier, sources said. The IPO, if successful, will be the biggest in India.
The new likely issue size of Rs 18,300 crore will comprise a primary issue of Rs 8,300 crore and a secondary issue of Rs 10,000 crore, they said. Shares will likely be listed on stock exchanges BSE and NSE on November 18.
Big gets bigger
Even at the original size of Rs 16,600 crore, the IPO was going to be the largest in the country.
ALSO READ: Paytm IPO likely to open on November 8, looks at $20 bn valuation | Vijay Shekhar Sharma says Paytm may not need capital beyond IPO
As the fintech firm, which counts Ant Group and SoftBank among its backers, gears up to launch its initial share sale on November 8, here's a look at the biggest IPOs in India so far:
Coal India (Rs 15,475 crore)
Launched in November 2010, the state-run coal behemoth's share sale surpassed became the largest in the country, surpassing Reliance Power's IPO in 2008.
Reliance Power (Rs 11,700 crore)
The IPO of electric utility company Reliance Power hit Dalal Street in February 2008. Shares were offered in a price band of Rs 405-450 apiece.
GIC (Rs 11,373 crore)
The insurance giant's IPO, which hit Dalal Street in October 2017, comprised a fresh issue of Rs 1,569 crore and an offer for sale of Rs 9,804 crore.
New India Assurance (Rs 9,600 crore)
The general insurer's shares hit the Street in November 2017. The IPO comprised entirely fresh issuance of shares worth Rs 9,600.
DLF (Rs 9,188 crore)
Property developer DLF's share sale -- the oldest among the country's largest IPOs -- was launched in July 2007.
HDFC Life (Rs 8,695 crore)
Insurance company HDFC Life's IPO -- an entirely fresh issue worth Rs 8,695 crore -- hit the Street in November 2017.
SBI Life (Rs 8,400 crore)
Launched in October 2017, SBI Life's IPO was an entirely offer for sale.
SBI Cards (Rs 7,571 crore)
SBI Cards & Payment Services' IPO comprised fresh issuance of Rs 500 crore and an offer for sale worth Rs 9,855 crore. The public offer hit the Street in March 2020.
ICICI Prudential Life Insurance (Rs 6,057 crore)
Insurer ICICI Prudential Life's public offer was launched in September 2016.
Meanwhile, several companies have entered the country's capital market as. Food delivery firm Zomato, which also counts Ant Group as a shareholder, is up 77 percent since its listing in July.
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(Edited by : Aditi Gautam)
First Published: IST