INSUBCONTINENT EXCLUSIVE:
The One97 board plans to meet this Friday to formally approve the IPOPaytm, India's leading digital payments provider, is aiming to raise
country's largest debut ever.The startup, backed by investors including Berkshire Hathaway Inc., SoftBank Group Corp
and Ant Group Co., plans to list in India around November and its offering could coincide with the Diwali festival season, said the person,
asking not to be named because the details are private
Paytm, formally called One97 Communications Ltd., is targeting a valuation of around $25 billion to $30 billion.The One97 board plans to
meet this Friday to formally approve the IPO, said the person
Paytm declined to comment in response to emailed questions
the country's largest IPO so far.Banks shortlisted to run the Paytm offering include Morgan Stanley, Citigroup Inc
and JPMorgan Chase - Co., with Morgan Stanley the leading contender, the person said
The process is expected to get rolling in late June or early July
The banks did not immediately respond to requests for comment.The public market debut will include a mix of new and existing shares to meet
regulatory obligations in India
and Chief Executive Officer Vijay Shekhar Sharma, has been focusing on ramping up revenue and monetizing its services over the past year
It's expanded beyond digital payments into banking, credit cards, financial services, wealth management and digital wallets
It also supports India's financial payments backbone, the Unified Payments Interface or UPI.Paytm has fended off stiff competition from a
swath of global players including Walmart Inc.-owned PhonePe, Google Pay, Amazon Pay as well as Facebook Inc.-owned WhatsApp Pay
It has the biggest market share of India's merchant payments.Paytm has over 20 million merchant partners and its users make 1.4 billion
monthly transactions, according to numbers in a recent company blog post.In a recent conversation, CEO Sharma said Paytm had its best ever
quarter in the first three months of this year after pandemic-related spending spurred digital payments.
