According to sources, PDM will be listed on the Mumbai Stock Exchange by mid-November
PDM, India’s leading provider of digital payments, has been cleared for an initial public offering (IPO). The Securities and Exchange Board of India (SEBI) today approved an IPO worth Rs 16,600 crore ($ 220 crore).
According to industry experts, PDM is the largest IPO in the country. The news was reported by Bloomberg.
PDM, backed by Softbank Group Corporation, is expected to be listed on the Mumbai Stock Exchange by mid-November. They did not want to be named as the matter has not been made public yet.
At the same time, a representative of PDM declined to comment. SEBI sent an email for confirmation but did not receive a reply.
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Noida-based Paytm, which is also backed by Berkshire Hathaway Inc. and Jack Ma & rs Group, expects to meet strong investor demand by raising shares of Somato Ltd after its July listing.
If PDM, officially known as One97 Communications Ltd., achieves its IPO target of Rs.
With a network of over 20 million merchants, PDM has a significant presence in the Merchant-Payment market in India. According to the company’s recent blog post, PDM users are transacting 140 crore transactions per month.