Paytm gets Sebi approval for biggest Indian IPO in nearly a decade: Report

Paytm, India’s digital payments pioneer backed by SoftBank Group Corp., received approval from the markets regulator that clears the way for its planned $2.2 billion initial public offering.

The Securities and Exchange Board cleared the IPO, which will be India’s biggest so far, on Friday, according to people familiar with the matter. The company could list in Mumbai by mid-November, they added, asking not to be identified as the information isn’t public.

A representative for Paytm declined to comment. An email to Sebi wasn’t immediately answered.

The Noida-based firm, which is also backed by Berkshire Hathaway Inc. and Jack Ma’s Ant Group Co., hopes to tap strong investor demand that’s sent the shares of fellow unicorn Zomato Ltd.