(Bloomberg) — India’s Paytm will seek shareholders’ approval next week for an initial public offering with an initial fundraising target of 160 billion rupees ($2.2 billion), according to people familiar with the plan, setting in motion the process for the country’s largest ever debut.

If green-lit during a shareholder meeting slated for July 12, the digital payments startup will have the option of raising that target to as much as roughly $2.6 billion, per regulatory guidelines. The board has decided to start smaller and could increase the size depending on investor momentum, the people said, asking not to be named as the deliberations are not public.

Formally known as One97 Communications Pvt, Paytm is backed by SoftBank Group Corp., Berkshire Hathaway Inc. and Ant Group Co.

The IPO will bring the shareholding of Ant Group below 25%, the people said. While a price won’t be specified in the initial documents, the company is expected to offer an equal amount of new and secondary shares and its valuation could eventually land between $24 billion and $30 billion, they added.

The startup has hired several banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. to handle the matter, Bloomberg News previously reported.

(Updates to add date of meeting in second paragraph)

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