Paytm aims at $3 bn initial public offering
2021-05-29
According to news reports, Paytm is aiming to raise about Rs 21,800 crore ($3 billion) in an initial public offering (IPO) late this year. The company, formally called One97 Communications, plans to list in India around November and is targeting a valuation of around $25 billion to $30 billion.
As per the report, the One97 board plans to meet to formally approve the IPO. 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 said in January that the fintech firm could turn profitable this year and would soon look to list. The start-up offers a digital payment platform for merchants, money transfers and bill payments across India.
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