Shearman & Sterling advised Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited and HDFC Bank Limited as underwriters in connection with the initial public offering and concurrent global offering of ordinary shares of One 97 Communications Limited and listing on the National Stock Exchange of India Limited and BSE Limited (formerly Bombay Stock Exchange).
The initial public offering raised INR183,000 million (approx. US2.467 billion), making it the largest ever initial public offering in India and in the Asia-Pacific fintech sector.
One 97 Communications Limited operates as India’s largest digital payments and financial services platform under its brand “Paytm”, based on the number of consumers, merchants, transactions and revenue as of March 31, 2021. Paytm offered payment services, financial services and commerce and cloud services to 337 million consumers and over 21 million merchants as of June 30, 2021.
The team below also included special associate Valerie Ching (Singapore-Capital Markets) and legal assistant Frederick Tyen (Hong Kong-Capital Markets).