NEW DELHI: One97 Communications<\/a>, the owner of Paytm<\/a>, which is India's leading digital ecosystem with over 317 million users, is all set to come out with an initial public offer ( IPO) on November 8, valuing the company at $19.3–19.9 billion. Paytm<\/a> was last valued at $16 billion in 2019 when it raised $1 billion from investors. The company plans to raise Rs 18,300 crore ( $2.4 billion). This would be India’s largest IPO to date, surpassing Coal India’s Rs 15,745 crore public issue raised in October 2010. 数据从Paytm的红鲱鱼招股说明书显示,创始人Vijay Shekhar Sharma将出售股票价值402卢比,而中国阿里巴巴将使5488卢比 新德里消息:One97通信的老板Paytm,这是印度领先的数字生态系统拥有超过3.17亿用户,都将推出一个首次公开发行(IPO) 11月8日,公司市值-199亿19.3美元。Paytm是在2019年价值160亿美元的投资者筹集了10亿美元。该公司计划筹集18300卢比(24亿美元)。这将是印度最大的首次公开募股(IPO)迄今为止,超过印度煤炭公司提出2010年10月15745卢比的公共问题。
Paytm is currently India’s leading digital ecosystem for consumers and merchants, with over 337 million registered consumers and over 21.8 million registered merchants as of June 30, according to a report by Redseer management consulting company. The company has increased its IPO size by Rs 1,700 crore from the earlier estimate of Rs 16,600 crore, since existing shareholders including Alibaba<\/a>’s Ant Financial and Softbank<\/a> want to sell more stake.
What's the plan?
<\/strong>Paytm wants to raise Rs 8,300 crore through fresh issues, and the remaining Rs 10,000 crore through an offer for sale (OFS) from existing stakeholders in the company. 75 per cent will be reserved for Qualified Institutional Buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and the remaining 10 per cent for retail investors during the issue.
Roughly half of the offer for sale is by Ant Financial and the remaining by Alibaba<\/a>, Elevation Capital, Softbank<\/a>, and other existing shareholders.
Data from Paytm's red herring prospectus show that founder Vijay Shekhar Sharma<\/a> will sell shares worth Rs 402 crore ($53 million) but the biggest gainer will be investor Alibaba since its subsidiaries— ANT Group<\/a> and Alibaba.com — will sell shares worth Rs 5,488 crore ($733 million) cumulatively. While Ant Group<\/a> will sell shares worth Rs 4,700 crore, Alibaba.com will sell shares worth Rs 784.8 crore. Point to note: Ant Group owns a little over 29% in One97 Communications<\/a>, and will have to bring down its holding to below 25%, while Alibaba owns 7.2% stake. The collective amount is nearly 30% of the size of the Paytm IPO<\/a>. As per Sebi regulations, no single entity can hold more than 25% in a ‘professionally managed company’.
SoftBank, which owns 19.6% will be selling shares worth Rs 1,689 crore, while Elevation Capital, which owns 17.2% stake, will be selling shares worth Rs 2030 crore.
What will the offer be used for?
<\/strong>The company intends to use the funds to strengthen the Paytm ecosystem by acquiring and retaining consumers and merchants as well as invest in new business initiatives, acquisitions and strategic partnerships. The company will also plough back some proceeds into its general insurance arm Paytm Insurtech (PIT).
But how does PayTm make money?
<\/strong>Paytm started in 2010 as a prepaid mobile recharge platform and later expanded into a single destination for all kinds of bill payments as well as a payments bank. Today, it has three main business verticals-payment services, commerce and cloud services and financial services while the app serves as a super-app which lets you make payments, top up your digital wallet, indulge in fantasy sports, shop online, buy stocks and mutual funds etc.
Redseer data shows that Paytm is the largest payments platform in the country with a total gross merchant value (GMV) of over Rs 4 lakh crore in the last fiscal. Its share in overall mobile payments transactions is 40% while in the wallet payment segment it is a whopping 70%.
For UPI transactions, its market share is only 14%. Currently, PhonePe and Google Pay lead the UPI market, while Paytm ranks third in terms of total volumes and value.
Where it really makes its money is the peer-to-merchant segment (P2M). Here it has a 50% share. The business has grown 33% on year and the total number of merchants have tripled from 7 million to over 20 million. Paytm earns money via transaction fees and take-rates charged to merchants based on the percentage of GMV, while also charging customers convenience fees.
There is a Paytm mall: Sellers are allowed to list and sell their products here for which Paytm charges a commission from the sellers.
Online recharge service: Paytm charges a commission of 2-3% on each recharge.
Bills: Since Paytm allows customers to pay their water, phone, rent, electricity bills etc, it charges a commission from these service providers
Digital gold: Paytm has partnered with gold refiner MMTC-PAMP to launch Digital Gold so that customers can buy, sell, and store gold digitally.
Payments bank: Paytm lets a customer open a zero deposit digital current and savings bank accounts. It gives a 4% interest on the savings account deposits and an overdraft facility for the current account. Paytm makes money on this by cross selling. It has tied up with other financial institutions and banks to sell their products and services (like insurance, investments, loans etc.) along with its own and earns commission. There is also interest arbitrage wherein Paytm deposits money with some other bank \/or government deposits where interest rates are higher.
Lending: Through its lending vertical, including Paytm Postpaid<\/a>, Paytm has disbursed three million loans till date.
Insurance: It has an insurance marketplace with products across auto, life and health insurance, and policy management and claim services.
Wealth management services: It includes mutual funds, stocks etc and its revenues include sourcing fees charged to financial institution partners and collection fees for loans, distribution fees from credit cards, commission fee on insurance premiums and equity broking fees.
Other key activities include transferring funds, protection from the frauds and cloud businesses.
Paytm emerged as India's second-largest booking platform last year when it sold movie tickets across 5,700 screens. Paytm charges transaction fees from merchants and convenience fees from consumers.
Brokerage view: Should you invest in the IPO?
<\/strong>Most analysts believe that if one plans to invest in Paytm, then one must track how Paytm will monetise its existing customer base and its road to profitability.
\"Paytm would take comfort from the 38X response to the Rs9,375cr IPO of Zomato, with a very strong institutional demand. Institutional appetite is expected to be robust in the Paytm IPO<\/a> too. The real crux will be how Paytm leverages the advantages of having ownership of the complete digital ecosystem comprising digital money, payment systems, online commerce and money transfers. That will be the post-IPO challenge,\" said brokerage IIFL in a note.
According to Yes Securities, the valuation will always be an important aspect to consider, while Aswath Damodaran, a professor of finance at the Stern School of Business, NYU said \"investing in a company while Paytm bet is much more dependent on management figuring out a way to grow, while improving take rates at the same time.\"
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印度最大的IPO:为什么最大的得利者不是Paytm阿里巴巴创始人但投资者
Paytm目前印度领先的数字生态系统对于消费者和商人,拥有超过3.37亿注册用户和2180万多个注册商人截至6月30日的一份报告称Redseer管理咨询公司。该公司IPO规模增加了1700卢比的早些时候估计16600卢比,因为现有股东包括阿里巴巴的金融和蚂蚁软银想出售更多股份。
Paytm想通过新鲜的问题,筹集8300卢比,剩下的通过一个标价出售10000卢比(OFS)从现有的公司的利益相关者。将保留75%合格机构买家(QIBs), 15%为非机构投资者(nii),剩下的10%为散户投资者在这个问题。
大约一半的标价出售通过Ant金融和剩下的阿里巴巴海拔的资本,软银和其他现有股东。
数据从Paytm的红鲱鱼招股说明书显示,创始人维贾伊·夏尔马将出售股票价值402卢比(5300万美元),但最大的得利者将是投资者阿里巴巴子公司以来-蚁群和Alibaba.com——将出售股票价值5488卢比(7.33亿美元)的累计。而蚁群将出售股票价值4700卢比,Alibaba.com将出售股票价值784.8卢比。注意:蚂蚁集团拥有29%多一点One97通信,将其持股比例降低到25%以下,而阿里巴巴拥有7.2%的股份。集体金额的大小的近30%Paytm上市。按照印度证券交易委员会的规定,没有单一的实体可以持有25%以上的专业管理公司。
软银持有19.6%将出售股份价值1689卢比,而海拔资本,拥有17.2%的股份,将出售股份价值2030卢比。
提供用于什么?
公司打算使用这些资金加强Paytm生态系统通过收购和留住消费者和商家以及投资新业务计划、并购和战略合作伙伴关系。该公司还将再投资一些资金到其一般保险部门Paytm Insurtech(坑)。
但PayTm如何赚钱?
Paytm始于2010年,预付费移动充电平台,后来扩大到一个目的地支付各种账单支付以及银行。今天,它有三个主要业务verticals-payment服务,商务和云服务和金融服务,允许您的应用程序作为super-app支付,充值你的电子钱包,沉溺于幻想体育、网上购物、买股票和共同基金等。
Redseer数据显示,Paytm是国家最大的支付平台总商业价值总额(GMV)在去年财政4十万的卢比。整体移动支付交易份额是40%而在钱包支付部分高达70%。
对UPI事务,其市场份额仅为14%。目前,PhonePe和谷歌支付领导UPI市场,而Paytm排名第三的总数量和价值。
它真正赚钱的是peer-to-merchant段(P2M)。这里有50%的份额。业务增长了33%,总数的商人从700万年到2000万年增长了两倍。Paytm赚钱通过交易费用和利率收取商家基于GMV的比例,同时也方便收取客户费用。
允许有一个Paytm商城:卖家列表和销售他们的产品在这里Paytm从卖方收取佣金。
在线充电服务:Paytm费用在每个充电2 - 3%的佣金。
账单:既然Paytm允许客户缴纳水、电话、房租、电费等,从这些服务提供者收取佣金
数字黄金:Paytm与黄金冶炼企业MMTC-PAMP推出数字黄金,这样客户可以购买,出售,数字化和存储黄金。
支付银行:Paytm让客户打开一个零存款数字电流和储蓄银行账户。它给储蓄账户存款利息4%,经常账户透支额度。通过交叉销售Paytm赚钱。它与其他金融机构和银行出售他们的产品和服务(如保险、投资、贷款等)和自己的赚的佣金。也有套利在Paytm存款货币和其他银行或政府存款利率更高。
贷款:垂直通过其贷款,包括Paytm邮资已付的至今为止,Paytm已支付三百万贷款。
保险:保险市场与产品在汽车,生活和医疗保险,和政策管理和索赔服务。
财富管理服务:它包括共同基金、股票等,其收入包括采购学费贷款,金融机构合作伙伴和收集费用分布从信用卡费用,佣金在保险费和股票经纪费用。
其他关键活动包括转移资金,防止欺诈和云业务。
Paytm成为印度第二大预订平台去年售出的电影票在5700个屏幕。Paytm收取交易费用从商家和消费者方便费用。
你应该投资IPO券商观点:?
多数分析师认为,如果一个投资Paytm的计划,然后你必须跟踪Paytm如何套现其现有客户基础和它的盈利之路。
“Paytm欣慰的38个x应对Rs9,375cr Zomato IPO,与一个非常强烈的制度需求。机构预计将强劲的需求Paytm上市了。真正的关键是如何Paytm利用的优势拥有完整的所有权数字生态系统包括数字的钱,支付系统,在线商务和转账。经纪公司表示:“上市之后,将挑战IIFL在一份报告中指出。
是的证券表示,估值将永远是一个需要考虑的重要方面,而Aswath Damodaran,斯特恩商学院的金融学教授,纽约大学说:“投资公司虽然Paytm打赌更依赖管理找出一种成长,同时提高利率同时。”
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NEW DELHI: One97 Communications<\/a>, the owner of Paytm<\/a>, which is India's leading digital ecosystem with over 317 million users, is all set to come out with an initial public offer ( IPO) on November 8, valuing the company at $19.3–19.9 billion. Paytm<\/a> was last valued at $16 billion in 2019 when it raised $1 billion from investors. The company plans to raise Rs 18,300 crore ( $2.4 billion). This would be India’s largest IPO to date, surpassing Coal India’s Rs 15,745 crore public issue raised in October 2010.
Paytm is currently India’s leading digital ecosystem for consumers and merchants, with over 337 million registered consumers and over 21.8 million registered merchants as of June 30, according to a report by Redseer management consulting company. The company has increased its IPO size by Rs 1,700 crore from the earlier estimate of Rs 16,600 crore, since existing shareholders including Alibaba<\/a>’s Ant Financial and Softbank<\/a> want to sell more stake.
What's the plan?
<\/strong>Paytm wants to raise Rs 8,300 crore through fresh issues, and the remaining Rs 10,000 crore through an offer for sale (OFS) from existing stakeholders in the company. 75 per cent will be reserved for Qualified Institutional Buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and the remaining 10 per cent for retail investors during the issue.
Roughly half of the offer for sale is by Ant Financial and the remaining by Alibaba<\/a>, Elevation Capital, Softbank<\/a>, and other existing shareholders.
Data from Paytm's red herring prospectus show that founder Vijay Shekhar Sharma<\/a> will sell shares worth Rs 402 crore ($53 million) but the biggest gainer will be investor Alibaba since its subsidiaries— ANT Group<\/a> and Alibaba.com — will sell shares worth Rs 5,488 crore ($733 million) cumulatively. While Ant Group<\/a> will sell shares worth Rs 4,700 crore, Alibaba.com will sell shares worth Rs 784.8 crore. Point to note: Ant Group owns a little over 29% in One97 Communications<\/a>, and will have to bring down its holding to below 25%, while Alibaba owns 7.2% stake. The collective amount is nearly 30% of the size of the Paytm IPO<\/a>. As per Sebi regulations, no single entity can hold more than 25% in a ‘professionally managed company’.
SoftBank, which owns 19.6% will be selling shares worth Rs 1,689 crore, while Elevation Capital, which owns 17.2% stake, will be selling shares worth Rs 2030 crore.
What will the offer be used for?
<\/strong>The company intends to use the funds to strengthen the Paytm ecosystem by acquiring and retaining consumers and merchants as well as invest in new business initiatives, acquisitions and strategic partnerships. The company will also plough back some proceeds into its general insurance arm Paytm Insurtech (PIT).
But how does PayTm make money?
<\/strong>Paytm started in 2010 as a prepaid mobile recharge platform and later expanded into a single destination for all kinds of bill payments as well as a payments bank. Today, it has three main business verticals-payment services, commerce and cloud services and financial services while the app serves as a super-app which lets you make payments, top up your digital wallet, indulge in fantasy sports, shop online, buy stocks and mutual funds etc.
Redseer data shows that Paytm is the largest payments platform in the country with a total gross merchant value (GMV) of over Rs 4 lakh crore in the last fiscal. Its share in overall mobile payments transactions is 40% while in the wallet payment segment it is a whopping 70%.
For UPI transactions, its market share is only 14%. Currently, PhonePe and Google Pay lead the UPI market, while Paytm ranks third in terms of total volumes and value.
Where it really makes its money is the peer-to-merchant segment (P2M). Here it has a 50% share. The business has grown 33% on year and the total number of merchants have tripled from 7 million to over 20 million. Paytm earns money via transaction fees and take-rates charged to merchants based on the percentage of GMV, while also charging customers convenience fees.
There is a Paytm mall: Sellers are allowed to list and sell their products here for which Paytm charges a commission from the sellers.
Online recharge service: Paytm charges a commission of 2-3% on each recharge.
Bills: Since Paytm allows customers to pay their water, phone, rent, electricity bills etc, it charges a commission from these service providers
Digital gold: Paytm has partnered with gold refiner MMTC-PAMP to launch Digital Gold so that customers can buy, sell, and store gold digitally.
Payments bank: Paytm lets a customer open a zero deposit digital current and savings bank accounts. It gives a 4% interest on the savings account deposits and an overdraft facility for the current account. Paytm makes money on this by cross selling. It has tied up with other financial institutions and banks to sell their products and services (like insurance, investments, loans etc.) along with its own and earns commission. There is also interest arbitrage wherein Paytm deposits money with some other bank \/or government deposits where interest rates are higher.
Lending: Through its lending vertical, including Paytm Postpaid<\/a>, Paytm has disbursed three million loans till date.
Insurance: It has an insurance marketplace with products across auto, life and health insurance, and policy management and claim services.
Wealth management services: It includes mutual funds, stocks etc and its revenues include sourcing fees charged to financial institution partners and collection fees for loans, distribution fees from credit cards, commission fee on insurance premiums and equity broking fees.
Other key activities include transferring funds, protection from the frauds and cloud businesses.
Paytm emerged as India's second-largest booking platform last year when it sold movie tickets across 5,700 screens. Paytm charges transaction fees from merchants and convenience fees from consumers.
Brokerage view: Should you invest in the IPO?
<\/strong>Most analysts believe that if one plans to invest in Paytm, then one must track how Paytm will monetise its existing customer base and its road to profitability.
\"Paytm would take comfort from the 38X response to the Rs9,375cr IPO of Zomato, with a very strong institutional demand. Institutional appetite is expected to be robust in the Paytm IPO<\/a> too. The real crux will be how Paytm leverages the advantages of having ownership of the complete digital ecosystem comprising digital money, payment systems, online commerce and money transfers. That will be the post-IPO challenge,\" said brokerage IIFL in a note.
According to Yes Securities, the valuation will always be an important aspect to consider, while Aswath Damodaran, a professor of finance at the Stern School of Business, NYU said \"investing in a company while Paytm bet is much more dependent on management figuring out a way to grow, while improving take rates at the same time.\"
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