Indian fintech firm Paytm has received approval from the capital markets regulator for its $2.2 billion stock market listing that is likely to be India’s biggest ever IPO.
Paytm was planning its initial public offering for around the end of October, Reuters previously reported. The news report did not mention about cases against the Indian promoter of Paytm.
The company’s backers include China’s Ant Group, Japan’s SoftBank Vision Fund and US-based Berkshire Hathaway.
Paytm narrowed its operating loss to 16.55 billion rupees ($221.00 million) in the financial year that ended in March 2021, from 24.68 billion a year earlier. A source told Reuters in July that Paytm was likely to break even in 18 months.
Several startups in India are preparing to go public on domestic bourses, following on the heels of food delivery firm Zomato. Ant Group is a shareholder in Zomato as well.
Ant Group, with a roughly 30 percent stake, is Paytm’s largest shareholder.