Paytm, a leading provider of digital payments in India aims to raise approximately 218 billion Indian rupees roughly equal to $3 billion in an initial offer to the public later this year, making it the country’s biggest IPO, according to a report by Bloomberg.

The Company has previously secured funding from Berkshire Hathaway Inc., SoftBank Group Corp., and Ant Group Co. and now plans to list in the Indian Stock market later this year. Paytm, aims for a valuation between $ 25 billion to $ 30 billion.

Paytm’s Board is scheduled to meet this Friday to formally approve the IPO, as per the sources.

In case of successful listing, the IPO proceeds of Paytm would surpass the IPO of Coal India Ltd., which in 2010 raised more than 150 billion rupees in the country’s largest IPO to date.

Banks for Paytm’s handling IPO include Morgan Stanley, Citigroup Inc., and JPMorgan Chase & Co.

The IPO will involve selling a mixture of Existing and new Shares.

The market has witnessed a strong demand for technology IPOs. While giants like Apple Inc. at Inc. have demonstrated the potential for lucrative returns, there are limited options for investors looking to enter India’s growing digital economy.

The market capitalization of BSE-listed companies has surpassed $ 3 trillion, however, there is not a single Internet Company listed on the Indian Stock Exchange.

Paytm has more than 20 million business users and its users perform 1.4 billion transactions per month, according to a recent blog post.

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