India’s top digital payment app Paytm is looking to raise over $3 bn in IPO later this year which might be around the Diwali festival. The company is aiming for a total valuation of $25 bn to $30 bn from this IPO. If Paytm succeeds, it might surpass Coal India’s Rs 10,000 cr IPO of 2010. JP Morgan Chase and co, Morgan Stanley, and Citigroup are the banks shortlisted to support the IPO. Paytm will float 10% shares in the next two years and 25% in the next five years.
iBus Networks, a Morgan Stanley Infrastructure fund-backed firm, has acquired Ubico Networks for Rs 100 cr to become one of the largest neutral in-building and in-campus network coverage providers in the country. It deploys IBS infrastructure across 233 commercial and retail sites and helps telcos improve network capacity and coverage. Morgan Stanley, recently, had invested Rs 150 cr in the Bengaluru-based firm to fund its inorganic growth.