The Securities and Exchange Board of India (Sebi) has approved the IPO of the Noida-based digital payments company for Rs 16,600 crore (approximately $2.2 billion), according to three people familiar with the matter.
Paytm, India's second-most valuable startup, is expected to submit its red herring prospectus to the regulator next week. The company hoped to be listed on Indian exchanges by Diwali. However, it is possible that it will make its public debut by mid-November. The company is still deliberating, and nothing has been finalised as of yet.