Paytm, India’s digital payments pioneer backed by SoftBank Group Corp has received permission from the market regulator for its planned $2.2 billion or Rs 16,600 crore initial public offering. According to the reports, the Securities and Exchange Board of India (SEBI) approved the IPO, which will be India’s biggest IPO so far. 

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The Rs 16,600 crore offering consists of a fresh issue of equity shares with a face value of Rs 1 apiece worth Rs 8,300 crore and an offer for sale by existing shareholders for Rs 8,300 crore.

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The IPO, which is set to take place later this year around the festive season, would surpass conventional energy and fuel firms like Coal India (Rs15,475 crore IPO) and Reliance Power (Rs11,700 crore IPO) behind, basically marking a shift in the economy away from oil and towards data. Paytm will begin trading on stock exchanges with a valuation of almost $30 billion, nearly doubling its previous $16 billion estimates.

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Almost all of the company’s significant shareholders, including founder Vijay Shekhar Sharma, Softbank, China’s Ant Financial Group, Alibaba, and SAIF partners, are cutting their stakes, while business giant Ratan Tata’s fund and other minority stakeholders may quit entirely. In addition, the business hopes to collect Rs 2000 crore (almost $250 million) in a pre-IPO round from a variety of investors.

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Paytm, which was founded a decade ago as a mobile recharge site, developed swiftly after ride-hailing company Uber included it as a quick payment option. Its popularity grew even more in 2016 as a restriction on high-value currency banknotes encouraged digital payments. Paytm has subsequently expanded its offerings to include insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.