Paytm, the loss making digital payments leader, is seeking regulatory approval to raise up to 166 billion rupees ($2.23 billion) in one of the biggest stock market listings in India.
Ant Group and Softbank are the main investors in Paytm.
The offering values the company at up to $25 billion according to sources. Paytm is facing competition from Alphabet’ Google Pay and Facebook-owned WhatsApp Pay for market share.
The company will sell new shares worth 83 billion rupees while existing investors will sell another 83 billion rupees in stock in the offering, the fintech startup said in a regulatory filing on Friday.
Paytm, founded by entrepreneur Vijay Shekhar Sharma, 43, has said it will use the funds from the IPO to strengthen its payment network and for acquisitions.
Several Indian startups have flagged plans to go public as they cash to cash in on growing investor interest from foreign funds.
On Friday, a $1.3 billion stock offering by Indian food delivery startup Zomato, backed by Ant Group was oversubscribed by nearly eight times.
Consolidated net loss for One97 shrank to 16.96 billion rupees for the year ended March from 28.42 billion rupees a year earlier, according to the prospectus. Revenue fell 14.6 percent to 28.02 billion rupees.