Mumbai, July 16 : One 97 Communications, the parent of Paytm has filed for an initial public offering (IPO) with the market regulator SEBI, with a target to raise around Rs 16,600 crore. In the draft red herring prospectus, the company said that it will issue fresh shares worth Rs 8,300 crore and the existing shareholdrs will sell stake worth up to Rs 8,300 crore through offers for sale (OFS). Paytm's founder Vijay Shekhar Sharma, Alibaba.com Singapore, Antfin (Netherlands), Elevation Capital, Saif Partners, SVF Panther (Cayman) and BH International Holdings will sell stake in the OFS. The company also retains the option, in discussion with BRLMs, to undertake a pre-IPO placement of Rs 2,000 crore, subject to relevant approvals. If the pre-IPO placement is completed, the fresh Issue size will be reduced to that extent. Paytm would use the IPO proceeds to strengthen its payment ecosystem and for new business initiatives and acquisitions. Around 75 per cent of the net offer has been reserved for qualified institutional buyers (QIBs) and up to 60 per cent of the QIB portion may be allocated to anchor investors. Around 15 per cent of the net offer shall be available for allocation on a proportionate basis to non-institutional investors (NIIs) and the remaining 10 per cent shall be avaiable for retail bidders. Morgan Stanley India Company, Goldman Sachs (India) Securities, Axis Capital are the joint global coordinators and BRLMs for the issue. ICICI Securities, JP Morgan India, Citigroup Global Markets India and HDFC Bank would be the the BRLMs of the issue. /IANS