Ant-backed Paytm targets $2.2 bln Indian IPO in booming e-payment market – Reuters India

Ant-backed Paytm targets $2.2 bln Indian IPO in booming e-payment market – Reuters India

BENGALURU, July 16 (Reuters) - Indian digital payments leader Paytm, which counts Ant Group and Softbank (9984.T) among its backers, is seeking regulatory approval to raise up to 166 billion rupees ($2.23 billion) in one of the biggest stock market listings in the country.

The offering, which values the company at up to $25 billion according to sources, comes at a time of a pandemic-fuelled boom in India's digital economy and an intensifying battle for market share with Alphabet Inc's (GOOGL.O) Google Pay and Facebook Inc-owned (FB.O) WhatsApp Pay.

The company, formally known as One97 Communications Ltd, will sell new shares worth 83 billion rupees while existing investors will sell another 83 billion rupees in stock in the offering, the homegrown fintech startup said in a regulatory filing on Friday.