One97 Communications Ltd, the parent of Indian payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter said on Monday, Trend reports citing Reuters.
The money will be raised via sale of new Paytm stock as well as a secondary offering of shares at an expected valuation of $24 billion to $25 billion with an option to raise the amount at a later stage if required, the sources said, declining to be named as the matter is not public.
Paytm's proposed $2.3 billion IPO will make it India's third-biggest public listing in dollar terms after state-run miner Coal India (COAL.NS) in 2010 and Reliance Power (RPOL.NS) in 2008.
The prospectus will be filed shortly after Paytm's extraordinary general meeting (EGM) of shareholders in Delhi on July 12, possibly on the same day, the sources added.
Paytm declined to comment.