Paytm gets SEBI nod for mega Rs 16,600-Cr IPO
Digital financial services firmhas received market regulator SEBI's approval for its Rs 16,600 crore initial public offer, a source involved in the process said on Friday.
The company expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing.
"SEBI has given approval for Paytm IPO," the source said on condition of anonymity.
The company's plan of shelving the pre-IPO raise is not related to any valuation differences, the source added.
Paytm is looking at a valuation of Rs 1.47-1.78 lakh crore.
US-based valuation expert Aswath Damodaran, who is a professor specialising in finance at the Stern School of Business at New York University, has valued the unlisted shares of the firm at Rs 2,950 apiece.
The company had filed draft papers for the initial share sale with the market regulator SEBI on July 15. After receiving the response, it plans to proceed with listing as early as possible.
(Disclaimer: Additional background information has been added to this PTI copy for context)