Digital payments firm Paytm is aiming for India’s biggest initial public offering (IPO) of a $3 billion (Rs 218 bn), according to a Bloomberg report. The digital payments platform has marquee investors like investors like Ant Group, Berkshire Hathaway and SoftBank Group Corporation.
The IPO is being listed later than when Paytm had planned it. The company wanted to list it around Diwali festive season in November, said a source to the publication, asking not to be named as details are private.
The board of Paytm, called One97 Communication earlier, plans to meet this Friday to formally approve the IPO, said the person to Bloomberg. It is targeting a valuation of around $25 billion to $30 billion.
If successful, Paytm’s initial share sale would surpass Coal India Ltd’s offering which is the country’s largest IPO so far.
From the financial year 2021, the country's stock exchanges witnessed around 24 IPOs and raised proceeds worth Rs 48,493 crore from the capital markets.