This is because Paytm wants to bring down Ant’s stake to below 25% to comply with norms by Securities and Exchange Board of India (Sebi<\/a>), for listing as a ‘professionally managed company’, they said.
The sale is likely to be part of Paytm's Offer For Sale (OFS).
Ant Group is looking to sell the stake for about $800 million (over Rs 6,000 crore), based on Paytm’s current valuation of $16 billion.
The offer could also be split as a Qualified Institutional Placement (QIP) ahead of the IPO, sources added, just like food delivery platform Zomato had done.
“Ant is definitely looking to offload at least around 5% in Paytm so that the IPO can sail through without regulatory hurdles. Some of the other investors could also offload smaller portions,” a person aware of the matter said.
Treating Ant, Alibaba<\/a> as separate companies<\/strong>
A professionally managed company is one that does not have any promoter group.
Even though not legally binding, regulatory experts believe this can be achieved by cutting the stakes of all investors to under 25% and diluting certain beneficial ownership criteria, as guided by Sebi and under the Companies Act.
Paytm is also likely to request Sebi to treat Ant Group and Alibaba – who hold a combined 38% in the company—as two separate investors, the sources said. Alibaba owns a little more than 7% in the company. Ant was initially the fintech unit of the Chinese e-commerce giant before founder Jack Ma spun it off as a separate entity.
It will be easier for Paytm to comply with Sebi rules if Ant and Alibaba are treated as separate entities with no common interest or strategies, people aware of the matter said.
A spokesperson for Paytm declined to comment. Ant Group and Alibaba did not respond to ET’s emails till press time Thursday.
In a note to shareholders in June, Paytm had said that it would consider raising a pre-IPO round.
“In the event of a Pre-IPO placement, the size of the offer would be reduced to the extent of equity shares issued under the pre-IPO placement,” it had said.
Earlier this week, Paytm shareholders approved a resolution to declassify founder Vijay Shekhar Sharma as a promoter to comply with these norms. A professionally run business could help smoothen Paytm’s listing process as it brings down the compliance burden from investors and individuals considered as promoters.
The size of this sale could change depending on its valuation during the public offer as well as in the pre-IPO round. The details have not been finalised yet.
Paytm is targeting a valuation of $24-$30 billion for its IPO.
Newswire Bloomberg reported on Monday that Paytm was considering a $270 million share sale in a pre-IPO round.
The Noida-based startup has completed the paperwork for its Draft Red Herring Prospectus (DRHP) and is expected to file it to Sebi over the next few days, sources added.
Paytm's overall offer size is likely to be around $2.3 billion, or Rs 16,600 crore.
According to sources, the offer will likely be split equally into primary and secondary components.
This means Paytm’s investors will sell over Rs 8,000 crore worth of stake before its public listing. Paytm is expected to make its stock exchange debut around Diwali.
It was earlier expected that the secondary offer would be on a “pro-rata” basis between the fintech firm’s major investors, Ant Group, Japan’s SoftBank<\/a> and Elevation Capital.
Sources, however, told ET that a significant chunk of the secondary sale will be made by Ant Group.
SoftBank holds 18.73%, while Elevation Capital (formerly SAIF Partners) has a 17.65% stake.
![\"<p>Graphic:](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Personnel changes<\/strong>
Paytm has finalised a list of ‘key managerial personnel’ that will include recent hire Deepankar Sanwalka, who is president (compliances and operations), ET reported earlier this week.
Senior executives such as Madhur Deora, president and group chief financial officer, are also part of the list.
ET reported last week that Paytm president Amit Nayyar and other senior executives had resigned.
The company has also made several changes to its board of directors.
Douglas Lehman Feagin, senior vice president at Ant Group, has joined the board as an additional director, replacing Eric Xiandong Jing, the chief executive of Ant Group.
Ashit Lilani, the managing partner of Saama Capital, has joined the Board as an independent director, while members Michael Yuen Jen of Alibaba and Todd Anthony Combs of Berkshire Hathaway have left, according to regulatory filings accessed by ET last week. Vikas Agnihotri of SoftBank Vision Fund<\/a> has joined the board as an alternate director.
Ting Hong Kenny Ho and Guoming Cheng of the Alibaba Group, who were alternate directors, have also seen their terms expire, according to the filings.<\/body>","next_sibling":[{"msid":84461781,"title":"2000% increase in cyber security breaches during pandemic","entity_type":"ARTICLE","link":"\/news\/2000-increase-in-cyber-security-breaches-during-pandemic\/84461781","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":84461819,"entity_type":"ARTICLE","title":"China's Ant Group may sell about 5% of Paytm via OFS","synopsis":"Offer may also be split as a pre-IPO QIP; move to ensure regulatory compliance","titleseo":"telecomnews\/chinas-ant-group-may-sell-about-5-of-paytm-via-ofs","status":"ACTIVE","authors":[{"author_name":"Digbijay Mishra","author_link":"\/author\/479221599\/digbijay-mishra","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479221599.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479221599,"author_name":"Digbijay Mishra","author_seo_name":"Digbijay-Mishra","designation":"Correspondent","agency":false}},{"author_name":"Ashwin Manikandan","author_link":"\/author\/479252742\/ashwin-manikandan","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479252742.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479252742,"author_name":"Ashwin Manikandan","author_seo_name":"ashwin-manikandan","designation":"Correspondent","agency":false}}],"Alttitle":{"minfo":""},"artag":"ETtech","artdate":"2021-07-16 07:50:50","lastupd":"2021-07-16 07:52:20","breadcrumbTags":["Paytm IPO","stake","Alibaba","China","Ant Group","softbank vision fund","paytm","sebi","MVAS\/Apps","Softbank"],"secinfo":{"seolocation":"telecomnews\/chinas-ant-group-may-sell-about-5-of-paytm-via-ofs"}}" data-authors="[" digbijay mishra","ashwin manikandan"]" data-category-name="" data-category_id="" data-date="2021-07-16" data-index="article_1">
中国最大的fintech集团蚁群可能会出售至少5%的30.33%股份在Paytm父母One97通信之前,后者的首次公开发行(IPO)定于11月,意识到这件事告诉ET来源。
这是因为Paytm想降低Ant的股份低于25%遵守规范印度证券交易委员会(印度证券交易委员会清单),作为“专业管理公司”,他们说。
销售可能是Paytm标价出售的一部分(OFS)。
蚂蚁集团正寻求出售股权以约8亿美元(超过6000卢比),基于Paytm目前的估值为160亿美元。
提供也可以分割作为一个合格的机构位置(QIP) IPO之前,来源补充道,就像食物交付平台Zomato。
“蚂蚁肯定是希望将至少在5%左右Paytm IPO可以顺利通过监管障碍。一些其他的投资者也可以卸载较小的部分,“一个人知道此事。
把蚂蚁,阿里巴巴作为独立的公司
一个专业管理公司是没有任何子组。
虽然不具有法律约束力,监管专家认为这可以通过削减所有投资者的股份低于25%,稀释某些实益拥有权标准,印度证券交易委员会的指导下,根据公司的行为。
Paytm也可能要求印度证券交易委员会将蚁群和阿里巴巴,一共持有38%的股份公司作为两个单独的投资者,消息人士说。阿里巴巴拥有公司的7%多一点。蚂蚁最初的fintech单位中国电子商务巨头之前脱离创始人马云作为一个单独的实体。
就会更容易的Paytm遵守印度证券交易委员会规则如果蚂蚁和阿里巴巴是作为独立的实体没有共同利益或战略,人们意识到说。
Paytm发言人拒绝置评。蚁群和阿里巴巴没有回应等的邮件,直到周四新闻时间。
6月份在一份报告中向股东,Paytm曾表示,将考虑提高上市前轮。
“在上市前放置的情况下,提供的大小会减少在一定程度上发行的股票在上市前的位置,”它说。
本周早些时候,Paytm股东批准了一项决议,《解密创始人Vijay Shekhar Sharma发起人遵守这些规范。专业经营业务可以帮助抚平Paytm上市流程,因为它带来了合规负担从投资者和个人视为发起人。
这个销售的大小可能会改变取决于它的估值在公开报价以及在上市前一轮。细节尚未敲定。
Paytm目标估值24 - 300亿美元的IPO。
乐动扑克彭博通讯社周一报道,Paytm正在考虑在上市前一轮2.7亿美元售股。
Noida-based启动已经完成的文件草案红鲱鱼招股说明书(DRHP),预计将文件印度证券交易委员会在接下来的几天里,消息人士补充说。
Paytm整体提供大小可能是大约23亿美元,或16600卢比。
据消息人士透露,报价可能会分裂同样为主要和次要的组件。
这意味着Paytm的投资者将出售价值超过8000卢比的股份在上市之前。Paytm有望使其证券交易所首次在排灯节。
早些时候预计,二次报价将fintech之间的“按比例”的基础上公司的主要投资者,蚁群,日本的软银和海拔的资本。
来源,然而,告诉等大量的二次销售将由蚁群。
软银持有18.73%,海拔资本(原名SAIF Partners) 17.65%的股权。
图形:拉胡尔Awasthi
人事变动
Paytm已经敲定一个关键管理人员的列表,包括最近雇佣Deepankar Sanwalka,谁是总统(遵从性和操作),本周早些时候报道。
总裁等高管玛Deora集团首席财务官,也是列表的一部分。
等上周报道,Paytm总裁阿米特·纳亚尔和其他高管辞职。
该公司还多次更改其董事会。
道格拉斯•雷曼Feagin蚂蚁集团高级副总裁已经加入了作为额外董事,取代埃里克•Xiandong Jing蚂蚁集团的首席执行官。
阿西Lilani Saama资本的管理合伙人,已作为一个独立董事加入董事会,而成员Michael袁Jen伯克希尔哈撒韦公司的阿里巴巴和托德·安东尼·库姆斯已经离开,根据上周提交给监管机构的文件访问等。维Agnihotri的软银视野基金作为替代董事加入董事会。
Ting香港肯尼Ho和Guoming程的阿里巴巴集团,替代董事,也看到他们的条款到期,根据申请。
这是因为Paytm想降低Ant的股份低于25%遵守规范印度证券交易委员会(印度证券交易委员会清单),作为“专业管理公司”,他们说。
销售可能是Paytm标价出售的一部分(OFS)。
蚂蚁集团正寻求出售股权以约8亿美元(超过6000卢比),基于Paytm目前的估值为160亿美元。
提供也可以分割作为一个合格的机构位置(QIP) IPO之前,来源补充道,就像食物交付平台Zomato。
“蚂蚁肯定是希望将至少在5%左右Paytm IPO可以顺利通过监管障碍。一些其他的投资者也可以卸载较小的部分,“一个人知道此事。
把蚂蚁,阿里巴巴作为独立的公司
一个专业管理公司是没有任何子组。
虽然不具有法律约束力,监管专家认为这可以通过削减所有投资者的股份低于25%,稀释某些实益拥有权标准,印度证券交易委员会的指导下,根据公司的行为。
Paytm也可能要求印度证券交易委员会将蚁群和阿里巴巴,一共持有38%的股份公司作为两个单独的投资者,消息人士说。阿里巴巴拥有公司的7%多一点。蚂蚁最初的fintech单位中国电子商务巨头之前脱离创始人马云作为一个单独的实体。
就会更容易的Paytm遵守印度证券交易委员会规则如果蚂蚁和阿里巴巴是作为独立的实体没有共同利益或战略,人们意识到说。
Paytm发言人拒绝置评。蚁群和阿里巴巴没有回应等的邮件,直到周四新闻时间。
6月份在一份报告中向股东,Paytm曾表示,将考虑提高上市前轮。
“在上市前放置的情况下,提供的大小会减少在一定程度上发行的股票在上市前的位置,”它说。
本周早些时候,Paytm股东批准了一项决议,《解密创始人Vijay Shekhar Sharma发起人遵守这些规范。专业经营业务可以帮助抚平Paytm上市流程,因为它带来了合规负担从投资者和个人视为发起人。
这个销售的大小可能会改变取决于它的估值在公开报价以及在上市前一轮。细节尚未敲定。
Paytm目标估值24 - 300亿美元的IPO。
乐动扑克彭博通讯社周一报道,Paytm正在考虑在上市前一轮2.7亿美元售股。
Noida-based启动已经完成的文件草案红鲱鱼招股说明书(DRHP),预计将文件印度证券交易委员会在接下来的几天里,消息人士补充说。
Paytm整体提供大小可能是大约23亿美元,或16600卢比。
据消息人士透露,报价可能会分裂同样为主要和次要的组件。
这意味着Paytm的投资者将出售价值超过8000卢比的股份在上市之前。Paytm有望使其证券交易所首次在排灯节。
早些时候预计,二次报价将fintech之间的“按比例”的基础上公司的主要投资者,蚁群,日本的软银和海拔的资本。
来源,然而,告诉等大量的二次销售将由蚁群。
软银持有18.73%,海拔资本(原名SAIF Partners) 17.65%的股权。
人事变动
Paytm已经敲定一个关键管理人员的列表,包括最近雇佣Deepankar Sanwalka,谁是总统(遵从性和操作),本周早些时候报道。
总裁等高管玛Deora集团首席财务官,也是列表的一部分。
等上周报道,Paytm总裁阿米特·纳亚尔和其他高管辞职。
该公司还多次更改其董事会。
道格拉斯•雷曼Feagin蚂蚁集团高级副总裁已经加入了作为额外董事,取代埃里克•Xiandong Jing蚂蚁集团的首席执行官。
阿西Lilani Saama资本的管理合伙人,已作为一个独立董事加入董事会,而成员Michael袁Jen伯克希尔哈撒韦公司的阿里巴巴和托德·安东尼·库姆斯已经离开,根据上周提交给监管机构的文件访问等。维Agnihotri的软银视野基金作为替代董事加入董事会。
Ting香港肯尼Ho和Guoming程的阿里巴巴集团,替代董事,也看到他们的条款到期,根据申请。
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动