Paytm gets Sebi nod for Rs 16,600 crore IPO

New Delhi: 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.

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.

According to the draft IPO documents, the company plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale route.