Ant Group-backed fintech firm Paytm said it has allocated shares worth 82.35 billion rupees ($1.11 billion) to more than 100 institutional investors, including the government of Singapore, ahead of what is expected to be India’s largest stock market listing.
Paytm’s offer of up to 183 billion rupees, which was increased last month from 166 billion rupees, garnered interest from 122 institutional investors who bought more than 38.3 million shares for 2,150 rupees apiece, according to a regulatory document dated Nov. 3.
BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors.
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 in India boosted digital payments.
Paytm has since branched out into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.
The company’s offering will open on Monday and top investor Ant Financial, with a 27.9% stake in Paytm, plans to sell shares worth 47.04 billion rupees.