Paytm Targets $3 Billion IPO, Likely Largest Ever Debut For India

Paytm is targeting a $3 billion initial public offering (IPO) – the largest ever for India, according to a Bloomberg report.

The digital payments platform’s backers include Ant Group, Berkshire Hathaway, and SoftBank Group Corporation. Paytm has planned to list around November to coincide with the Diwali festive season, a source told the publication. They asked not to be identified as details are private.

Formally called One97 Communications, Paytm is targeting a valuation of around $25-30 billion. The One97 board plans to meet this Friday (May 28) to approve the IPO formally, a source added.

If the IPO goes through, the share sale will surpass Coal India’s 2010 offering, which is the largest IPO in the country.

The source added that Citigroup, Morgan Stanley, and JPMorgan Chase are contending to run the offering, with Morgan Stanley leading for the role. The decision is expected in late June or early July.

Paytm, Citigroup, Morgan Stanley, and JPMorgan Chase did not respond to queries, the report said.

The listing will include new and existing shares to comply with India’s regulatory requirement for 10 percent shares floated within two years and 25 percent within five years.

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