MUMBAI: The Rs 18,300-crore mega IPO of Paytm’s parent One97 Communications will open on November 8 and close on the 10th. The company cleared the last hurdle for its IPO — a nod to its offer document from the Registrar of Companies — on Wednesday. The clearance for the IPO came on the day Swiss Re announced a Rs 920-crore investment in Paytm Insuretech, the holding company for its non-life business, for a 23% stake. The price range for the shares is likely to be Rs 2,080-2,150. At that price range, the company’s targeted valuation is around $20 billion (Rs 1.5 lakh crore). The red herring prospectus gives an insight into the company’s financial performance in the first quarter. According to the document, the company’s revenue is up 46% to Rs 948 crore in Q1FY22 from Rs 649 crore in Q1FY21. Paytm’s losses stood at Rs 382 crore for the three months ended June 2021 following higher employee expenses, which include accounting for ESOPs and an increase in headcount. Paytm’s user base grew in the first three months of FY22 to 33.7 crore registered consumers and 2.2 crore merchants. The number of monthly transacting users also saw a 33% increase to 5.7 crore as of September 30. Payments and financial services contribute nearly 80% of the revenue for the company. According to the prospectus, the revenue for the first quarter in this segment stood at Rs 689 crore. The contributing margin, which is a reflection of unit profitability, rose to 27% from 15% a year ago. In July this year, Paytm acquired Raheja QBE General Insurance at a deal valuing the company at Rs 568 crore. The company is held through a One97 associate Paytm Insuretech. On Wednesday, Paytm said that it has partnered with reinsurance giant Swiss Re for a joint venture. Swiss Re will invest (by way of equity shares and compulsorily convertible preference shares) approximately Rs 920 crore (Rs 397 crore upfront, and the remaining in tranches, subject to fulfilment of certain milestones) for an aggregate stake of 23% on a fully diluted basis. The Swiss Re deal indicates that the non-life business valuation has gone up manifold after being part of the technology platform.