JPMorgan, Goldman, two other banks hired by Paytm for proposed $3 bn IPO

Paytm, India’s digital payments startup, has hired four banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. for its proposed initial public offering, people with knowledge of the matter said.

The board of the startup, formally called One97 Communications, also approved Morgan Stanley and ICICI Securities Ltd. to help with the sale, the people said, asking not to be identified as the matter is private.

Paytm is joining a global share sale frenzy with a plan to raise as much as 218 billion rupees ($3 billion) in the initial share sale, Bloomberg News reported last month. That would make it India’s largest IPO. So far in 2021, nearly $3 billion has been raised through IPOs in the South Asian nation, the best start to the year since 2018, according to data compiled by Bloomberg.