Paytm, a digital financial services company will increase the size of its initial public offering to Rs 18,300, according to sources. The company's biggest shareholder, Alibaba group firm Ant Financial, as well as existing investors such as Softbank, have decided to dilute more stake in the company.
The company intended to raise Rs 16,600 crore in total by issuing new shares worth Rs 8,300 crore and another Rs 8,300 crore through an offer-for-sale.
Softbank was not among the investors selling stakes in the company's IPO draught document, according to the company's statement. The company last week received market regulator SEBI approval for listing. Paytm will go for the public listing on both the Indian stock exchanges - BSE and NSE.