Mumbai: One97 Communications, parent company of fintech major PaytmLooking for its launch first public offer With a price band of Rs 2,080 to Rs 2,150 per share as on November 8, said sources aware of the development. NS IPO Expected to close on 10th November.

These sources said that for its upcoming IPO, the Vijay Shekhar Sharma-run firm is targeting a valuation of $20 billion, which is slightly less than the demand for $22 billion.

Paytm expects to raise around Rs 18,300 crore from the issue, ahead of the Rs 15,000 crore raised by Coal India through its listing nearly a decade ago, in its biggest ever initial public offering.

This is higher than the Rs 16,600 crore targeted by it earlier.

The company earlier this week raised its offer for sale portion or OFS portion to Rs 10,000 crore when it re-filed its prospectus with Securities and Markets regulator SEBI for fresh approval.

On Tuesday, ET reported that China’s Ant Group, the largest shareholder in Paytm, will execute about 50% of the secondary share sale through OFS in the near future. Paytm IPO. The report said that SoftBank and the Alibaba-backed firm have also finalized their plans to increase the total IPO size from Rs 1,700 crore to Rs 18,300 crore.

The increase of Rs 1,700 crore will be entirely through OFS and the primary capital raising component will remain unchanged at Rs 8,300 crore. This means that Ant will sell shares worth around Rs 5,000 crore, bringing down its stake in Paytm parent One97 Communications to below 25%.

According to the company’s draft prospectus filed with the regulator, it will use Rs 4,300 crore of the fresh issue to expand its existing business line and acquire new merchants and customers.

The company has mandated investment banks Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc. and ICICI Securities Ltd. to manage the issue.