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Paytm targets $3 bn initial public offering

By Reuters

  • 27 May 2021
Paytm targets $3 bn initial public offering
Credit: 123RF.com

Indian fintech start-up Paytm is aiming to raise about Rs 21,800 crore ($3 billion) in an initial public offering (IPO) late this year, Bloomberg News reported on Thursday, citing a person familiar with the matter.

The company, formally called One97 Communications Ltd, plans to list in India around November and is targeting a valuation of around $25 billion to $30 billion, the report said.

The One97 board plans to meet this Friday to formally approve the IPO, according to the report.

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Paytm, backed by Japan's SoftBank Group, Warren Buffett's Berkshire Hathaway Inc and China's Ant Financial, did not immediately respond 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 executive told Reuters in January that the fintech firm could turn profitable this year and would soon look to list.

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

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