Paytm files Draft papers for Rs 16,600-cr IPO; fresh issue size at Rs 8,300 cr MUMBAI: The Indian digital payment system and financial technology company, Paytm has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator SEBI, with a target to raise around Rs 16,600 crore. As per DRHP, the company said that it will issue fresh shares worth Rs 8,300 crore and the existing shareholders will sell stake worth up to Rs 8,300 crore through offers for sale (OFS). Paytm''s founder Vijay Shekhar Sharma, Alibaba.com Singapore, Antfin (Netherlands), Elevation Capital, Saif Partners, SVF Panther (Cayman) and BH International Holdings will sell stake in the OFS. The company also retains the option, in discussion with BRLMs, to undertake a pre-IPO placement of Rs 2,000 crore, subject to relevant approvals. If the pre-IPO placement is completed, the fresh Issue size will be reduced to that extent. Paytm would use the IPO proceeds to strengthen its payment ecosystem and for new business initiatives and acquisitions. Around 75 percent of the net offer has been reserved for qualified institutional buyers and up to 60 percent of the QIB portion may be allocated to anchor investors.