India's Paytm files draft papers for $2.2 billion IPO

SoftBank-backed Indian digital payments startup Paytm has filed for an initial public offering (IPO) of up to 166 billion rupees ($2.23 billion), draft papers submitted to the country`s market regulator showed on Friday.

The IPO will include an issue of new shares worth 83 billion rupees and an offer for sale worth 83 billion rupees, Paytm, which is backed by investors including Berkshire Hathaway Inc, China`s Ant Group and Japan`s SoftBank, said.

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The Noida-based company, which is owned by One97 Communications Ltd, said it would use the IPO proceeds to strengthen its payment ecosystem and for new business initiatives and acquisitions.

JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank are the booking running managers for the IPO.

($1 = 74.5140 Indian rupees)