Paytm, India’s digital funds pioneer backed by SoftBank Group Corp., acquired approval from the markets regulator that clears the way in which for its deliberate $2.2 billion preliminary public providing.
The Securities and Exchange Board cleared the IPO, which will probably be India’s largest to this point, on Friday, based on folks conversant in the matter. The firm may checklist in Mumbai by mid-November, they added, asking to not be recognized as the data isn’t public.
A consultant for Paytm declined to remark. An e-mail to Sebi wasn’t instantly answered.
The Noida-based agency, which can also be backed by Berkshire Hathaway Inc. and Jack Ma’s Ant Group Co., hopes to faucet robust investor demand that’s despatched the shares of fellow unicorn Zomato Ltd. hovering after its July itemizing. Formally referred to as One97 Communications Ltd., if Paytm achieves its 166 billion rupee ($2.2 billion) IPO goal, it will surpass the greater than 150 billion rupees raised by state-owned Coal India Ltd. in 2013.
Paytm stated in its draft prospectus that it plans to promote an equal variety of new and present shares.
The agency has the largest share in India’s merchant-payments market, with over 20 million service provider companions in its community. Its customers make 1.4 billion month-to-month transactions, based on numbers in a latest firm weblog publish.
–With help from Dhwani Pandya.
