Mumbai: One97 Communications, the basic unit in which the house Paytm And its fintech branches have received Securities and Exchange Board of India (SEBI) approval to launch the largest initial public offering (IPO) in India’s corporate history, sources said.

An official disclosure from the regulator is expected later today or over the weekend.

Paytm may now launch an IPO worth Rs 16,600 crore after incorporating the comments made by the capital markets regulator in its draft red herring prospectus (DRHP). Sources indicated that listing is likely by early November.

NS Paytm IPO an event as important as
Zomato listing in July this year, considering the size of the offering and the company’s position in the country’s fintech ecosystem. The firm plans to raise Rs 8,300 crore by issuing fresh stock and roughly the same amount in an offer for sale that will sell the shares to a few investors.

ET reported earlier this month that Paytm’s IPO
have taken interest From the likes of Canada’s CPPIB, US-based asset manager Alkeon Capital as well as funds managed by Morgan Stanley and Goldman Sachs. The new investors join the list of bidders who are in talks to invest in Paytm’s anchor investment as well as its IPO. Firm unlikely to raise funds in pre-IPO placement, Bloomberg
informed of on Thursday.

According to sources, the Vijay Shekhar Sharma-led company is seeking a valuation of $20-22 billion in the IPO. The company was valued at around $16 billion when it last raised funds two years ago. The fintech startup counts Ant Group, Alibaba, Elevation Capital and SoftBank Vision Fund among its main investors.

“Some global investors have shown interest in higher valuations, but the company has indicated to investors that it may settle between $20-22 billion,” said a person familiar with the discussion. Other sources indicated that the response to the issue has been muted, giving it a low rating.

SEBI approval for Paytm IPO comes when new age internet firms have either listed on exchanges or initiated proceedings to do so. zomato
listed in July on the BSE and the National Stock Exchange, while Indian-origin FreshWorks chose Nasdaq to go public.
Nykaa will launch its IPO on October 28while those
Policybazaar India, MobiKwik, Pine Labs and Delhivery, among many others are in the pipeline.