Paytm plans India’s biggest IPO, looks to raise $3 billion

MUMBAI/BENGALURU : Paytm, India’s largest online payments company, plans to raise as much as $3 billion ( ₹21,700 crore) by selling shares to the public by the end of this year, four people aware of the development said.

One97 Communications India Ltd, which runs the Paytm service, is in talks to hire investment banks for its initial share sale in India, and a few law firms have already been appointed to help with regulatory aspects, the people said on condition of anonymity. The payments company is likely to raise $2.5-3 billion, they said.

The company is in discussions with investment banks, including Morgan Stanley, Citigroup and JP Morgan, for its proposed initial public offer (IPO), said one of the four people who is directly aware of the discussions.