Indian company Paytm is determined to launch its IPO by the end of October, a source close to the matter revealed on Monday. This action can only be performed if the digital payment company is able to receive the necessary regulatory approvals to do so.
Should the necessary regulatory approvals be received, Paytm will file the largest-ever IPO in India’s history, at a price tag of 166 billion rupees ($2.2 billion). “Hopefully Paytm will be able to go out before Diwali,” the source mentioned, with the Hindu festival set to commence in November.
Currently on the road to profitability, Paytm expects to break even in 18 months, hoping that the IPO can be launched. This financial performance may also be affected by COVID-19 related uncertainty.
Paytm is the latest of an array of Indian companies that are looking to go public this year, after the trend began with the IPO of food delivery service Zomato last week.
The Noida-based firm operated at a loss of 16.55 billion rupees in the financial year to end-March 2021, an improvement on the 24.68 billion loss during the previous year.
Among Paytm’s financial backers are China’s Ant Group and Japan’s SoftBank.
