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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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India's Paytm seeks shareholder approval for $1.6 billion sale of new stock

06/18/2021 | 05:14am EDT
The headquarters for Paytm, India's leading digital payments firm, is pictured in Noida

NEW DELHI (Reuters) - Indian digital payments firm Paytm is seeking shareholder approval to sell up to 120 billion rupees ($1.62 billion) in new stock in what could be the South Asian country's biggest-ever initial public offering at a total of $3 billion.

Paytm, which counts China's Alibaba and Japan's SoftBank as backers, will sell new shares and will also have an option to retain an over-subscription of up to 1%, the company said in a notice for an extraordinary general meeting (EGM) of shareholders in Delhi on July 12.

The company is aiming to raise $3 billion via the public listing on Indian bourses, a source familiar with the matter told Reuters.

It has hired banks JPMorgan Chase, Morgan Stanley, ICICI Securities and Goldman Sachs for the IPO, the source added, declining to be identified as the matter is private.

At the EGM, Paytm also plans to propose that its founder, Vijay Shekhar Sharma, be relieved from his role as the company's "promoter", the company said in the notice.

Paytm did not respond to a request for comment.

Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency bank notes boosted digital payments.

Paytm has since branched out into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.

($1 = 73.9025 Indian rupees)

(Reporting by Sankalp Phartiyal; Editing by Robert Birsel)

By Sankalp Phartiyal


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -1.06% 205.2 End-of-day quote.-11.78%
ICICI SECURITIES LIMITED -2.47% 725.45 End-of-day quote.56.79%
SOFTBANK GROUP CORP. 0.47% 7261 End-of-day quote.-9.89%
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Financials
Sales 2022 5 953 B 53 943 M 53 943 M
Net income 2022 1 045 B 9 471 M 9 471 M
Net Debt 2022 13 879 B 126 B 126 B
P/E ratio 2022 13,1x
Yield 2022 0,62%
Capitalization 12 438 B 113 B 113 B
EV / Sales 2022 4,42x
EV / Sales 2023 4,26x
Nbr of Employees 58 786
Free-Float 47,1%
Chart SOFTBANK GROUP CORP.
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 15
Last Close Price 7 261,00 JPY
Average target price 11 336,00 JPY
Spread / Average Target 56,1%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Chief Executive Officer
Yoshimitsu Goto Chief Financial Officer & Senior Managing Director
Norikazu Oba Manager-Finance & Planning
Raul Marcelo Claure Chief Operating Officer & Vice President
Tim Mackey Chief Legal & Group Compliance Officer
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