Paytm narrows losses to Rs 1,701 crore in FY 21 ahead of IPO

The board of One97 Communications, the parent firm of Paytm, is planning to go public in what is touted to be one of the country's largest initial public offerings (IPO). Paytm's $3-billion IPO (around Rs 21,745 crore taking USD/INR value at Rs 72.48) is likely to be slated for Diwali (October-December) and the company is targeting a valuation of over $25 billion. So far, the biggest IPO that India has seen was Coal India's Rs 15,475-crore issue, which was listed in November 2010.

IPO-bound One97 Communications, which owns and operates online payments firm Paytm, reported a revenue of Rs 3,186 crore for the financial year 2020-21 against Rs 3,540 crore in the previous year, the Noida-based company's annual report shows.

Last week, the company's board gave in-principle approval for an initial public offering (IPO), setting the stage for what is likely to be one of India's largest public offerings.

The eight-member board met on May 28, 2021 to give their nod to a $3-billion IPO, making it the biggest in India's history. It is aiming to list in India in November 2021 at a valuation of $25-$30 billion.