Paytm sends ‘offer for sale’ to staff as it moves ahead with $3 bn IPO

India’s Paytm is asking employees to decide whether they want to sell shares in the digital payments pioneer’s planned initial public offering, taking another step toward what could be the country’s largest stock market debut ever.

The startup, formally called One97 Communications Ltd., sent the “offer for sale” to its staff Monday as it prepares to file for the IPO, according to documents reviewed by Bloomberg News. Paytm’s board has approved the offering plans in principle and is finalizing the draft red herring prospectus, which could be filed as soon as the first week of July, according to a person familiar with the matter.

One97 Communications “is proposing to undertake an initial public offering of its equity shares (“Equity Shares”), subject to market conditions,