MUMBAI, July 19 — Digital payments pioneer Paytm on Friday took a major step towards launching India’s biggest initial public offering, telling regulators that it would seek to sell US$2.2 billion in shares.
Founder and chief executive Vijay Shekhar Sharma, who has a net worth of US$2.3 billion according to Forbes, holds just under 10 per cent of the company. It has benefited from the government’s efforts to curb cash transactions — including the cancellation of nearly all banknotes in 2016 — and from the coronavirus pandemic.
“We expect to continue to incur net losses for the foreseeable future and we may not achieve or maintain profitability in the future,” the prospectus warned.
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