One97 Communications, the parent company of home-grown payments major Paytm, has received approval from market regulator SEBI for its ₹16,600-crore initial public offering.
A source close to the development said SEBI approved the IPO on Friday; the issue is likely to open next month.
Paytm did not respond to an e-mail query from
Sources have indicated that the IPO is likely to open just before Diwali in early November or immediately after it, around November 9.
The issue comprises a fresh issue of equity shares amounting to ₹8,300 crore and an offer for sale by existing shareholders of ₹8,300 crore. The company is unlikely to go for a pre-placement IPO and will now directly move ahead with its listing plans.