Paytm refused to comment on the appointment of the investment bankers. Sources said that Paytm was looking at filing its draft red herring prospectus as early as next month, indicating that a lot of preparation has gone into the IPO. The fintech had made its IPO plans official after reaching out to employees, giving them a chance to tender their shares under the forthcoming issue as part of the offer for sale (OFS) shares. The company had said that the issue could be a combination of an OFS by existing investors as well as new shares.
According to a Bloomberg report, Paytm is aiming at a valuation of $25-30 billion (Rs 1.8-2.2 lakh crore). There have been other reports estimating the value at around $20 billion (about Rs 1.5 lakh crore), as against the valuation of $15 billion (Rs 1.1 lakh crore) during a fundraise in 2019. Among non-banks, Bajaj Finserv has a valuation of Rs 1.9 lakh crore.