India-based digital payments firm Paytm has appointed four banks including Goldman Sachs Group to run its proposed IPO.
Bloomberg reported, citing people with knowledge of the matter, that the board of the payments firm also appointed JPMorgan Chase & Co, Morgan Stanley, and ICICI Securities to help with the sale.
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Paytm intends to raise as much as Rs218bn ($3bn) through the initial share sale, reported Bloomberg News in May. This would be the largest IPO in India.
This year, almost $3 billion has reportedly been raised through IPOs in India.
Earlier this month, the startup that has the backing of SoftBank Group, Berkshire Hathaway and Ant Group among others, asked its employees to announce if they wanted to sell stock as part of the IPO.
This declaration is needed before it finalises its prospectus, which is expected to be submitted to the regulatory agency in early next month.
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By GlobalDataFormally known as One97 Communications, Paytm is led by founder and CEO Vijay Shekhar Sharma.
In addition to digital payments, Paytm also offers banking, credit cards, financial services, wealth management and digital wallets.
In 2019, the firm raised $1bn in a new funding round to expand its payments and financial services in rural parts of India.
