Paytm IPO gets Sebi approval

The decks have been cleared for the country’s largest initial public offering (IPO) — with the Securities and Exchange Board of India (Sebi) on Friday giving its approval for the share float of One97 Communications, the parent of digital financial services firm Paytm.

The country’s second most valuable start-up after Byju’s is set to make an initial public offer of Rs 16,600 crore.

The company which is backed by SoftBank and Alibaba’s Ant Financial is likely to hit the markets by the end of this month. One97 Communications had filed its draft prospectus with the market regulator in July.

The IPO will be a fresh issue aggregating to Rs 8,300 crore and an offer for sale of a similar amount by the existing shareholders.