Paytm, one of India’s most valuable startups, is seeking to raise as much as $2.4 billion in what is shaping up to be the biggest initial public offering in the country at a valuation of $20 billion, according to two people familiar with the matter and internal documents seen by TechCrunch.
Paytm filed the paperwork for an IPO with the local regulator in July this year. The startup, which has raised more than $3 billion over the past decade and was last valued at $16 billion, said at the time that it was looking to raise about $2.2 billion. In an updated filing this week, Paytm said it is seeking to raise $2.4 billion.
The startup is moving to price its share in the range of 2,080 to 2,150 Indian rupees ($27.70 to $28.60), a person familiar with the matter said, adding that the subscription will be available from November 8 to 10, and the trading will begin on November 18 — or thereabout.
A successful listing would make Paytm the biggest IPO in India, surpassing a record $2.07 billion initial public offering by government-owned coal mining and refining firm Coal India 11 years ago.