India’s top digital payments Paytm hopes to raise 218 billion rupees or $3 billion in its planned year-end IPO, according to Bloomberg. If the offering succeeds, Paytm could be valued between $25 billion-30 billion.
Previously named One97 Communications Ltd, the board is expected to officially approve the plan at a Friday meeting.
Morgan Stanley is the leading contestant in the IPO among others that include Citigroup and JPMorgan.
To ensure compliance, the IPO will consist of new and existing shares with 10% required to be carried in 2 years and 25% in 5 years.
Paytm has also made inroads into credit cards, banking, and digital wallets.
Paytm controls the merchant payments market share in India beating global players such as PhonePe owned by Walmart Inc., Amazon Pay, and Google Pay.
With at least 20 million merchants, Paytm users transact in about 1.4 billion deals each month.
Paytm’ IPO will be Indian’s largest ever and would outdo that of Coal India Ltd. ‘s of over 150 billion rupees in 2010.
