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The Weekly Wrap: all you need to know by Friday COB | Nov 18th

By Puja Sharma

November 18, 2022

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The Weekly WrapThe Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

A strong fall in Paytm’s shares was caused by SoftBank Group Corp’s (9984.T) sale of a 4.5% stake through block deals for $200 million on Thursday, according to Reuters. A term sheet reviewed by the media firm showed that the deal would be carried out at 555.67 rupees, which was within the planned price range of 555 rupees to 601.45 rupees.

A year after Paytm went public in India’s biggest-ever IPO, its shares plunged 70% below the listing price. SoftBank has invested $1.6 billion in Paytm over the years, among its biggest investments in India, but at the company’s current share price, SoftBank’s 17.5% stake is worth only about $900 million.

A total consideration of $200 million was received by SoftBank for its sale of 29.35 million shares at that price, as calculated by Reuters. In the wake of the news of the trade, Paytm shares fell more than 9%. The lock-in period for investors in Paytm’s November 2021 initial public offering (IPO) ended a day earlier. SoftBank’s Vision Fund holds 17.5% of Paytm, whose shares have fallen more than 60% since it went public a year ago.

A vast majority of the shares are being bought by hedge funds, such as Millennium Capital, Segantii Capital Management, and Ghisallo Capital Management, with Norges Bank, Norway’s central bank, also buying shares.

Deals of the week

  • UK FinTech Banked raises $15m in Series A; eyes US expansion
  • Savvy Wealth completes $11m capital raise
  • Navi and Piramal Finance enter into co-lending partnership
  • Abu Dhabi Islamic Bank signs MoU with Abu Dhabi Global Market
  • Dapio launches Tap to Pay app for small businesses in UK
  • Visa to launch innovative payment services for FIFA World Cup Qatar 2022
  • Worldline and BR-DGE extend partnership to expand payment offering
  • GBST’s wealth management administration platform launches in UAE
  • Digital payouts FinTech WeGift closes £26m Series B Funding

Be on the lookout for

World FinTech Show which is held between 5th to 6th December 2022 in Riyadh. The event is a thought-leadership-driven, business-focused event that deep dives into the latest challenges and technology trends in Saudi Arabia’s financial services sector.

The event features exciting keynotes, enterprise use-case presentations, product showcases, panel discussions, and tech talks. Witness next-gen FinTech solutions from global tech leaders and explore their relevance and impact on organizations.

This event is organised by Performance Ryada Events Co. and managed by Trescon. Trescon is a global business events and consulting firm that provides a wide range of business services to a diversified client base.

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