Paytm submits draft papers for its $2.2-billion IPO to market regulator

SoftBank-backed Indian digital payments startup Paytm has filed for an initial public offering (IPO) of up to Rs 16,600 crore ($2.23 billion), draft papers submitted to the country's market regulator showed on Friday.

The IPO will include an issue of new shares worth Rs 8,300 crore and an offer for sale worth Rs 8,300 crore, said Paytm, which is backed by investors including Berkshire Hathaway Inc, China's Ant Group and Japan's SoftBank. The Noida-based company, which is owned by One97 Communications Ltd,.

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