Paytm in talks with sovereign wealth funds, BlackRock for IPO stakes

India’s Paytm is in talks with sovereign wealth funds and financial firms to become anchor investors in its upcoming initial public offering, according to people familiar with the matter.

State-backed wealth investors Abu Dhabi Investment Authority and Singapore’s GIC Pte are among those weighing bidding to participate in the IPO, the people said, asking not to be identified as the information is private.

Global financial firms such as BlackRock Inc. and Nomura Holdings Inc. are also in discussions to bid, the people said. One97 Communications Ltd., as Paytm is formally known, is considering seeking a valuation of around $20 billion to $22 billion based on initial investor feedback, they said.