Leading digital payments service provider Paytm, whose investors include Ant Group, Berkshire Hathaway and Soft Bank Group Corporation, is reported to be in the planning stages of launching the biggest IPO in India valued at USD3 billion.
The development was confirmed to Bloomberg by a source familiar with the deal.
Paytm has reportedly planned its listing around November to coincide with the Diwali festive season. The report added that Paytm is targeting a valuation of around $25 to $30 billion with the IPO. The One97 board is likely to meet on May 28 to formally approve the IPO plan, according to Bloomberg.
Paytm has not commented on the Bloomberg report, though an official statement is expected soon from the One97 board.