SEBI Approved Paytm to Launch Mega IPO

Paytm, an Indian fintech firm and subsidiary of One97 Communications, has received approval from the Securities and Exchange Board of India (Sebi) to launch its $2.2 billion initial public offering (IPO), the biggest ever in India's history.

The company is reported to list its shares on the BSE and the NSE by mid-November and is looking at a valuation of Rs 150,00 crore to Rs 165,000 crore from the IPO. The company was valued at around Rs 120,000 crore when it last raised funds two years ago.

​In July this year, the company announced that all Chinese nationals on the board of Paytm had been replaced by US and Indian citizens, while there is no change in the existing shareholding. 

The company follows the successful path of other companies such as Zomato. With Ant Group as one of its backers, Paytm gained popularity after it has been listed as a quick payment channel by Uber in its offerings.