Digital financial services firm Paytm has received market regulator Securities and Exchange Board of India (SEBI)'s approval for its Rs 16,600 crore initial public offering, a source involved in the process told news agency PTI.
"Sebi has given approval for Paytm IPO," the source said on condition of anonymity.
The source informed the news agency that the digital transactions platform expects to debut on the stock market by the end of October and is planning to skip the pre-IPO share sale rounds to fast-track listing. The decision to shelve the pre-IPO raise is not on account of any valuation differences, the source stated.
Paytm is expecting a valuation between 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.
(With inputs from PTI)