India's Paytm targets $3 billion IPO - Bloomberg News

India's Paytm targets $3 billion IPO - Bloomberg News
India's Paytm targets $3 billion IPO - Bloomberg News   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">BENGALURU</span> – Indian fintech start-up Paytm is aiming to raise about 218 billion rupees ($3 billion) in an initial public offering (<span class="caps">IPO</span>) late this year, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-05-27/paytm-is-said-to-target-3-billion-ipo-largest-ever-for-india on Thursday, citing a person familiar with the matter.</p> <p>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.</p> <p>The One97 board plans to meet this Friday to formally approve the <span class="caps">IPO</span>, according to the report.</p> <p>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.</p> <p>Its <span class="caps">IPO</span> plans come at a time when the <span class="caps">COVID</span>-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.</p> <p>Paytm’s chief executive told Reuters in January that the fintech firm could turn profitable this year and would soon look to list. </p> <p>The start-up offers a digital payment platform for merchants, money transfers and bill payments across India.</p> <p>($1 = 72.5550 Indian rupees)</p> <p/> </div>