Paytm, formally called One97 Communications Ltd., is targeting a valuation of around $25 billion to $30 billion. If successful, Paytm’s initial share sale would surpass Coal India Ltd.’s offering, which raised more than ₹15,000 in 2010 in 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. It’s expanded beyond digital payments into banking, credit cards, financial services, wealth management and digital wallets. 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.

Source: Mint May 27, 2021 08:03 UTC