One97 Communications Pvt. Ltd. has extended the deadline for shareholders, employees, and former employees to submit documents in order to sell their shares in the upcoming Paytm IPO.

They now have until the end of the month to complete the task.

One97 Communications Ltd. is the leading mobile internet company in India. Paytm, India's largest digital goods marketplace, is run by One97.

"In the interest of providing additional time to our shareholders—due to the ongoing situation—to process all the documentation shared and dispatch them to us, we are extending the last date to submit documents for participation in the offer from June 22, 2021, to June 30, 2021," said the company in a statement.

The equity shareholders had previously expressed concern about not meeting the deadline.

Headquartered in New Delhi, One 97, which offers a variety of financial services under the Paytm brand, intends to go public in November. The issuance of new shares could raise up to $1.6 billion, and an offer-for-sale is also possible. The Paytm IPO is expected to raise around $3 billion, making it the largest initial share sale in Indian corporate history.

An extraordinary general meeting (EGM) is scheduled for July 12, at which the company will seek shareholder approval to declassify Paytm's founder and MD Vijay Shekhar Sharma as a promoter.

Shareholders will also vote on whether to authorise Sharma, Paytm Group CFO Madhur Deora, CFO Vikas Garg, and Company Secretary Amit Khera to execute and deliver any and all other documents, papers, or instruments required for the Paytm IPO.

According to a Bernstein report published on May 27, Paytm's revenue could more than double to over Rs 7,000 crore by fiscal year 2023, with the non-payments segment accounting for approximately 33% of total revenue. "Paytm is on track to break even in 12-18 months with increased financial discipline and targeted strategic investments," according to the report.

The company has over 4,500 employees and regional offices in Mumbai, Bengaluru, Pune, Chennai, and Kolkata, as well as a global presence in Africa, Europe, the Middle East, and Southeast Asia. The company is backed by well-known investors such as Alibaba Group, Ant Financial (AliPay), Elevation, Mediatek, Sapphire Venture, and Silicon Valley Bank.

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