Paytm’s Mega IPO Is Priced for Perfection

Chinese billionaire Jack Ma may finally cash out through the initial public offering of a mobile payments giant. Not, however, a Chinese one.

One97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO. China’s Ant Group, backed by Mr. Ma, is the company’s largest shareholder with an approximately 28% stake. Its affiliate company Alibaba also owns a roughly 7% stake. Both companies are set for a windfall: They first invested in Paytm in 2015, when its valuation was much lower. Paytm’s offer price values the company at nearly $20 billion. Ant itself failed to go public one year ago as regulators halted its IPO at the last minute.