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Paytm sets India's largest-ever IPO, targeting $2.2bn

Digital payment provider rides on growth momentum from COVID restrictions

India's leading digital payment provider Paytm announced its planned IPO on Friday, following tech start-up Zomato, which last month announced a $1.1 billion listing.   © Reuters

MUMBAI -- The owner of India's leading digital payment provider Paytm plans to sell shares worth 166 billion rupees ($2.2 billion) in the country's biggest-ever initial public offering.

One97 Communications, which counts China's Alibaba, Japan's SoftBank and Berkshire Hathway's Warren Buffet as its marquee investors, is offering to sell 83 billion rupees new shares, according to the draft offer documents filed with the Securities and Exchange Board of India. Another 83 billion rupees worth of shares has been offered to existing investors.

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