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Paytm parent rejigs board ahead of IPO; Ant's Douglas Feagin replaces Xiandong

Paytm parent rejigs board ahead of IPO; Ant's Douglas Feagin replaces Xiandong

Ash Lilani, Saama Capital managing partner, also joins Paytm board as independent director; Alibaba's Michael Yuen Jen Yao and Berkshire Hathaway investment manager Tood Anthony Combs retire from board

Paytm CEO and founder Vijay Shekhar Sharma Paytm CEO and founder Vijay Shekhar Sharma

Paytm parent One97 Communications Ltd has made changes to its board of directors ahead of its initial public offering worth $2.2-3 billion this year. Under the current changes, Douglas Lehman Feagin, senior vice president, Ant Group, has joined the Paytm board by replacing Ant Group chairman and chief executive Jing Xiandong (Eric), who has resigned, Paytm's registrar of companies filing shows.

Ash Lilani, Saama Capital managing partner, also joins the Paytm board as independent director. The RoC filing shows that both Alibaba's Michael Yuen Jen Yao and Berkshire Hathaway investment manager Tood Anthony Combs have retired from the board on June 30 after two years.

Also read: Biggest IPO ever! Paytm could pip Coal India in largest market debut

Some of Paytm's shareholders include Alibaba's Ant Group (29.71 per cent), Softbank Vision Fund (19.63 per cent), and Saif Partners (18.56 per cent). Vijay Shekhar Sharma holds a 14.67 per cent stake in the company. AGH Holding, T Rowe Price and Discovery Capital, Berkshire Hathaway also hold stakes in the company.

Besides, One97 Communication is expected to file a draft prospectus on July 12 for the IPO. Paytm's IPO plan includes the offering of equity shares under which it'll offer the fresh issue of equity shares and also an offer-for-sale of equity shares by its shareholders.

Paytm will raise about Rs 12,000 crore by issuing fresh equity. The final decision on the matter will be taken at an extraordinary general meeting (EGM) on July 12. In the EGM, the Vijay Shekhar Sharma-led company may also declassify him as 'promoter' of the company as per the Securities and Exchange Board of India (Sebi)'s public listing rules.

The fundraising announcement comes ahead of Paytm's much-awaited initial public offering (IPO) in November.
Paytm has roped in some of the most influential investment bankers for its proposed IPO. JP Morgan, Morgan Stanley, Goldman Sachs and ICICI Securities are likely to lead the issue, touted to be the largest IPO in the financial sector. Led by founder and chief executive Sharma, Paytm has been raising revenue and monetising its services over the past year. The company has expanded beyond digital payments into banking, credit cards, financial services, wealth management and digital wallets.

Also read: Paytm IPO: JP Morgan, Morgan Stanley, Goldman Sachs likely onboard

Also read: Paytm board gives in-principle approval for Rs 22,000 crore IPO