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Digital financial services firm Paytm has received market regulator Sebi's approval for its Rs 16,600 crore initial public offer, a source involved in the process said on Friday.
The company expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing.
"Sebi has given approval for Paytm IPO," the source said on condition of anonymity.
The company's plan of shelving the pre-IPO raise is not related to any valuation differences, the source added.
Paytm is looking at a valuation of Rs 1.47-1.78 lakh crore.
US-based valuation expert Aswath Damodaran, who is a professor specialising in finance at the Stern School of Business at New York University, has valued the unlisted shares of the firm at Rs 2,950 apiece.
Photograph: Rupak De Chowdhury/Reuters