Paytm is set to raise $ 21,800 million ($ 3 billion) from the market through an IPO. A source associated with the case said that the company was planning to launch an IPO around Diwali. If it succeeds, it will be the largest IPO country ever. For now, this achievement comes in the name of Coal India, which raised Rs 15,000 crore from the IPO in 2010.
The IPO will be formally approved at a meeting of Paytm’s board of directors on Friday. However, the company declined to comment in this regard. According to the source, it aims to increase its market capitalization to $ 25-30 billion through this IPO.
The banks selected for the Paytm IPO include Morgan Stanley, Citigroup and JP Morgan Chase & Co. Morgan Stanley’s claim is the strongest among them. The process can be expedited by the end of June or July.