JP Morgan, Goldman, two other banks hired by Paytm for proposed $3 bn IPO

Paytm, India’s digital payments startup, has hired four banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. for its proposed initial public offering, people with knowledge of the matter said. The board of the startup, formally called One97 Communications, also approve3d Morgan Stanley and ICICI Securities Ltd. to help with the sale, the people asaid, asking not to b identified as the matter is private.

Paytm is joining a global share sale frenzy with a plan to raise as much as 218 million rupees ($3 billion) in the initial share sale, Bloomberg News reported last month. That would make it India’s largest IPO. So far in 2021, nearly $3 billion has been raised through IPOs in the South Asian nation, the best start to the year since 2018, according to data compiled by Bloomberg. Representatives of JPMorgan and ICICI Securities declined to comment to emailed questions, while those at Goldman Sachs and Morgan Stanley didn’t respond. A spokesperson for Paytm wouldn’t comment. Earlier this month, the startup backed by Softbank Group Corp, Berkshire Hathaway Inc. and Ant group among others, asked its workers to formally declare if they wanted to sell stock as part of the public offering. The declaration would be required before the company finalizes its prospectus, expected to be submitted to the regulator in early July.

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