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One97 Communications, the parent company of fintech platform Paytm has received market regulator Securities and Exchange Board of India’s (Sebi) approval for its Rs 16,600 crore initial public offer, a person close to the development said on Friday.
The company expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing.
“Sebi has given approval for Paytm IPO,” the person said on condition of anonymity.
The company’s plan of shelving the pre-IPO raise is not related to any valuation differences, the person added.
Paytm is looking at a valuation of Rs 1.47-1.78 lakh crore. US-based valuation expert Aswath Damodaran, who is a professor specialising in finance at the Stern School of Business at New York University, has valued the unlisted shares of the firm at Rs 2,950 apiece. Whereas in the unlisted market the stock is quoting at Rs 3,250-3,300.