Paytm likely to file draft prospectus next week for $2.3 billion IPO

The money will be raised via sale of new Paytm stock as well as a secondary offering of shares at an expected valuation of $24 billion to $25 billion with an option to raise the amount at a later stage if required, the sources said, declining to be named as the matter is not public.

One97 Communications Ltd, the parent of payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter said on Monday. The money will be raised via sale of new Paytm stock as well as a secondary offering of shares at an expected valuation of $24 billion to $25 billion with an option to raise the amount at a later stage if required, the sources said, declining to be named as the matter is not public. Paytm`s proposed $2.3 billion IPO will make it India`s third-biggest public listing in dollar terms after state-run miner Coal India in 2010 and Reliance Power in 2008.