The parent company of popular Indian mobile-payments startup Paytm on Friday filed for an initial public offering in India, planning to raise as much as INR166.00 billion (US$2.23 billion) to aid its expansion in a fast-growing but crowded market.
The offering will consist of an issue of new shares worth INR83.00 billion and an offer for sale of up to INR83.00 billion, according to a draft prospectus from One97 Communications Ltd.
The fintech giant plans to use proceeds from the share sale for business expansion and potential acquisitions.
The offering is among a host of Indian internet companies seeking to come to the market this year or next year. Zomato, the country’s answer to DoorDash, has filed to raise $1.1 billion, while Walmart-owned e-commerce leader Flipkart is also planning a listing.
Paytm’s last major financing round, led by Japan’s SoftBank Group Corp. and China’s Ant Group in 2019, raised $1 billion in fresh capital and valued its parent firm at $16 billion, making it one of Asia’s most valuable startups.