India's largest-ever IPO might be launched by a startup

Fintech giant Paytm's listing, at the lower end of its $25-30 billion valuation range, will dethrone Coal India, which was earlier the country's biggest listing.

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Despite the initial pandemic scare, the IPO market in FY21 picked up pace and was the most active ever in three years as 30 companies raised more than Rs 30,000 crore via IPOs. In the startup ecosystem too, we’ve all read by now that some of India’s biggest startups, including Zomato, Flipkart, and Nykaa, have all set their sights on a public market debut, encouraged by rising valuations, a healthy investor appetite, and plans to scale.

The latest to join the fray is fintech giant Paytm, which is reportedly aiming to raise about $3 billion in its stock market debut that could be India’s biggest ever, at a valuation of around $25-30 billion. 

It was at YourStory’s flagship TechSparks event in 2019 that Paytm Founder Vijay Shekhar Sharma had first spoken about his IPO plans, adding that he would only consider an IPO once the startup had turned profitable.

According to a source familiar with the matter, Paytm’s initial public offering (IPO) is likely to take place in November this year. The same source told YourStory that the board of its parent company One97 Communications is due to meet today to approve the IPO. 

If successful, Paytm’s listing will be the largest stock market debut ever in India, beating the IPOs of Coal India ($2.06 billion), Reliance Power ($1.61 billion), General Insurance Corporation (GIC) ($1.55 billion) and Oil and Natural Gas Corp (ONGC) ($1.45 billion). 

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Image: YS Design

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[Illustration: YS Design]

News & Updates

Before you go, stay inspired with… 

Paytm founder Vijay Shekhar Sharma

“Our primary market will always be India. The incremental growth of India’s economy is so huge that it is important for us to be a dominating player in India.”

Vijay Shekhar Sharma, CEO, Paytm

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