Paytm targets $3 billion IPO: List

By: Reuters | Bengaluru |

Would possibly per chance per chance moreover 27, 2021 5: 12: 14 pm

A signal that shows Paytm payment is popular in a haircutting salon on twin carriageway facet shut to Elphinstone twin carriageway residing, Mumbai. (Impart photo by Nirmal Harindran)

Indian fintech launch-up Paytm is aiming to raise about 218 billion rupees ($3 billion) in an preliminary public offering (IPO) gradual this 365 days, Bloomberg News reported on Thursday, citing a person conversant within the subject.

The firm, formally referred to as One97 Communications Ltd, plans to checklist in India around November and is focusing on a valuation of around $25 billion to $30 billion, the document talked about.

The One97 board plans to fulfill this Friday to formally approve the IPO, in accordance with the document.

Paytm, backed by Japan’s SoftBank Community, Warren Buffett’s Berkshire Hathaway Inc and China’s Ant Financial, did now one intention or the opposite reply to a Reuters request for comment.

Its IPO plans come at a time when the COVID-19 pandemic has fuelled demand for digital payment platforms in India, intensifying a battle for market share with Alphabet Inc’s Google and Facebook Inc-owned Whatsapp Pay.

Paytm’s chief govt told Reuters in January that the fintech firm might perchance well flip profitable this 365 days and would rapidly detect to checklist.

The launch-up supplies a digital payment platform for merchants, money transfers and bill payments across India.

($1 = 72.5550 Indian rupees)

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