India’s digital payment firm Paytm has got its investors’ nod to open its initial public offering (IPO). The IPO is worth Rs 16,600 crore and is expected to open in November, as per media reports. Its Draft Prospectus (DRHP) will likely be released this week.

Also read: Why Zomato IPO is a ‘watershed moment’ for Indian markets

Till now, Coal India’s Rs 15,475 crore-worth IPO remains the largest in India. This is followed by Reliance Power Ltd (Rs 11,700 crore), General Insurance Corporation of India (Rs 11,373 crore) and New India Assurance Co Ltd (Rs 960 crore). 

Out of Paytm’s Rs 16,600 crore, Rs 12,000 will be raised by the fresh issue of shares. The remaining Rs 4,600 will be through secondary raise.

Ahead of its IPO, Paytm’s parent One97 Communications is planning to raise Rs 2,000, reported Times of India. This will be done by offering shares to institutional investors.

Meanwhile, the company’s shareholders have approved declassifying founder and CEO Vijay Shekhar Sharma as a promoter.

With a 29.7% stake, Jack Ma’s Alibaba Group remains Paytm’s largest shareholder. Its other shareholders are SoftBank Vision Fund (19.6%), SAIF Partners (18.6%), Vijay Sharma (14.7%), Berkshire Hathaway (2.8%) and others (14.7%).

Founded in 2010, Paytm provides digital payment and financial technology services. 

Other than Paytm, several of India’s tech startups have either opened or are set to open IPOs.

These include food delivery company Zomato, whose Rs 9,375 crore IPO opened on July 14. Lifestyle retailer Nykaa is also eyeing IPO later this year. 

Also read: How Zomato founder Deepinder Goyal cut jitters ahead of mega IPO. Read on

Other such startups include e-commerce company Flipkart, insurance unicorn Policybazaar, among others.