Paytm, India's leading financial services company that offers full-stack payments & financial solutions to consumers, has received market regulator Securities and Exchange Board of India’s (Sebi) approval for its Rs 16,600 crore initial public offer (IPO), a source privy to the mater said on Friday.
Paytm expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing. "Sebi has given approval for Paytm IPO," the source said without disclosing the name. The company's plan of shelving the pre-IPO raise is not related to any valuation differences, the source added.
The proposed IPO, if successful, would be the largest such offer. Coal India's Rs 15,200-crore initial public offer (IPO) in 2010 is the country's largest one to date. Paytm is looking at a valuation of Rs 1.47-1.78 lakh crore. According to the draft IPO documents, Paytm plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale route. Paytm founder, managing director and chief executive Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.