Indian fintech giant Paytm eyes an issue size of $2.4b

FILE PHOTO: A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad, India, January 31, 2019. REUTERS/Amit Dave

India’s biggest initial public offering (IPO) is expected to get even bigger with One97 Communications Ltd., which runs the Paytm payments service, planning to increase its public issue size to 18,300 crore, two people aware of the discussions said.

While filing its draft prospectus earlier in July this year, Paytm said it was targeting an issue size of 16,600 crore (roughly $2.2 billion), which included the sale of new shares worth 8,300 crore. Existing investors were expected to sell stocks worth another 8,300 crore.

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