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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank : India's Paytm eyes IPO by end-Oct, hopes to break even in 18 months - source

07/26/2021 | 07:20am EDT
Paytm app is seen on a smartphone in this illustration

NEW DELHI (Reuters) - Indian digital payments firm Paytm expects to launch its initial public offering (IPO) at around the end of October, pending regulatory approvals, a source familiar with the matter said on Monday.

Paytm, which has filed for a 166 billion rupee ($2.2 billion) IPO that will likely be the largest ever in India, also expects to break even in 18 months, the source said, declining to be named as the matter is not public.

Paytm's IPO plan comes at a time when several first-generation homegrown startups in India prepare to go public on domestic bourses, led by food delivery firm Zomato which made a stellar stock market debut last week.

"Hopefully Paytm will be able to go out before Diwali," the source said, referring to the Hindu festival of lights in November.

The startup, which counts China's Ant Group and Japan's SoftBank among its backers, narrowed its operating loss to 16.55 billion rupees in the financial year to end-March 2021 from 24.68 billion a year before.

"Paytm is on the path to profitability now," the source said. "If the company continues the way it is doing right now 18 months is quite reasonable, assuming there is no COVID-related impact to the business."

Paytm declined to comment.

Launched over a decade ago as a platform for mobile phone topups, Paytm has grown quickly into a fintech firm offering services including insurance, gold sales, bank deposits, remittances and movie and flight ticketing.

Paytm's online and offline payments and its lending business are core focus areas for the company, but the firm also wants to capitalise on the growing opportunities in gaming, travel and ticketing and financial services such as mutual funds and equities trading, the source said.

The company is pushing its payments hardware such as point-of-sale machines and other devices to merchants, the source said, adding Paytm's software, which helps merchants manage their operations, would also be a key business over the next three to five years.

Among other rivals, Paytm's merchant payments business will also compete with a combine of Indian conglomerate Reliance and Facebook's WhatsApp, which have committed to making digital payments easier for India's mom-and-pop stores.

($1 = 74.4700 Indian rupees)

(Reporting by Sankalp Phartiyal in New Delhi and Nupur Anand in Mumbai; Editing by David Holmes)

By Sankalp Phartiyal and Nupur Anand


© Reuters 2021
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 54 942 M 54 942 M
Net income 2022 1 310 B 11 914 M 11 914 M
Net Debt 2022 14 983 B 136 B 136 B
P/E ratio 2022 9,15x
Yield 2022 0,66%
Capitalization 11 411 B 104 B 104 B
EV / Sales 2022 4,37x
EV / Sales 2023 4,14x
Nbr of Employees 58 786
Free-Float 69,3%
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 661,00 JPY
Average target price 10 507,87 JPY
Spread / Average Target 57,8%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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