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Miguel Cordon · · 1 min readSource: Paytm looks to raise $3b in potentially India’s largest IPO
“Paytm, India’s leading digital payments provider, is aiming to raise about 218 billion rupees (US$3 billion) in an initial public offering late this year,” Bloomberg reported, citing a source briefed on the matter.
Details:
- Paytm is looking go through with the listing, which is expected to be the largest debut ever in India, around November this year.
- The company is targeting a valuation of roughly US$25 billion to US$30 billion, with its board planning to meet on May 28 to approve the IPO.
Context:
- Paytm currently has over 20 million merchant partners and makes 1.4 billion transactions per month.
- The IPO development comes after its CEO Vijay Shekhar Sharma has said that Paytm experienced its best performing quarter in Q1 2021, with the Covid-19 pandemic helping spur digital payments in the country.
Editing by Collin Furtado and September Grace Mahino
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