Paytm to continue Work From Home for employees, nobody will be forced to come to office

New Delhi: In what could bring the much needed respite during the aftermath of the COVID-19 Pandemic, Paytm has decided to allow its workers to continue Work From Home.

Paytm founder and chief executive officer Vijay Shekhar Sharm has said that the company is not to force people to come to the office and would opt for 100 percent flexible work pattern. (Also read--IT biggies TCS, Infosys, Wipro ending Work from Home for employees)

The company is all set to come up with country's biggest initial public offer on November 8.

One97 Communications, which operates under Paytm brand name, IPO will be launched at price band of Rs 2,080-2,150 per share, implying a valuation of around Rs 1.48 lakh crore.

The Rs 18,300 crore-offer will be the biggest in the country after Coal India's IPO (Initial Public Offer) back in 2010 wherein the state-owned had garnered Rs 15,200 crore.

The IPO -- which will close for subscription on November 10 -- comprises issuance of fresh equity shares worth Rs 8,300 crore and Offer for Sale (OFS) by existing shareholders to the tune of Rs 10,000 crore.

At current exchange rates, the enterprise value is in the range of Rs 1.44 lakh crore to Rs 1.48 lakh crore. The company skipped pre-IPO funding round to expedite launch of the initial share sale.

Paytm's revenue from operations increased by 62 per cent to Rs 8,90.8 crore in the first quarter of financial year 2021-22. In the year-ago period, the same stood at Rs 5,512 crore. In financial year 2021, the company reported a Gross Merchandise Value of Rs 4 lakh crore.

In the first quarter of FY'22, the company's payments and financial services revenue alone stood at Rs 689.4 crore contributing to 77 per cent of its total revenue. The company incurred a loss of Rs 2.9 crore in the quarter ended June 2021.

With PTI Inputs

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