Paytm, India’s digital payments startup is readying a $2.2. billion Initial Public Offering (IPO), and is just awaiting shareholders’ approval during a July 12 meeting. If successful, this will be the country’s largest-ever debut.
If approved, the startup will have the option of raising that target to as much as roughly $2.6 billion, per regulatory guidelines.
The IPO will bring Ant Group’s shareholding below 25%. Even though a price won’t be specified in the initial documents, the startup is expected to offer the same amount of new and secondary shares. In the end, its valuation could fall between $24 billion and $30 billion.
Paytm is an Indian e-commerce payment system and financial technology company based in Noida, India. Its mobile wallet enables users to transfer money to each other, pay for food delivery and clear utility bills, buy train and movie tickets, and also secure small loans. The firm is backed by SoftBank Group Corp., Berkshire Hathaway Inc. and Ant Group Co.