One97 Communications has hired JPMorgan Chase & Co, Goldman Sachs Group Inc, Morgan Stanley and ICICI Securities Ltd for the upcoming IPO for PayTM, reported BloombergQuint. The company’s $3-billion IPO will be the biggest seen in India so far.

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The board of One97 had approved the four banks to help with the sale, sources with knowledge of the matter told BloombergQuint. With information on the matter currently being private, JPMorgan and ICICI Securities declined to comment and Goldman Sachs and Morgan Stanley did not respond. PayTM or One97 has reserved its comments as well.

Vijay Shekar Sharma, the company’s founder will be leading it to a $25-billion valuation public listing that is slated for later in the year. Sources told CNBC-TV18 that the company would be looking to list around Diwali, with a valuation of $25 billion, nearly 50 percent more than the company’s valuation in April.

Sharma said the company would break even by the end of 2021. "We as a company will reach breakeven by the end of this financial year or this calendar year, which is 2021, and once we have reached the breakeven point, we will quickly see the opportunities," Sharma had said.

PayTM’s board had given an in-principle approval for the company’s public listing two weeks ago. PayTM is backed by several large investment entities, including SoftBank Group Corp, Berkshire Hathaway Inc and Ant Group. After the approval, the company had invited shareholders and employees to dilute their shares as part of the IPO. The offer for sale has to be finalised before filing of the DHRP (draft red herring prospectus). The company is expected to submit its prospectus by July.

(Edited by : Shoma Bhattacharjee)