Indian payments firm Paytm is reportedly gearing up to raise about $3bn (INR 218 bn) in what could be the biggest-ever initial public offering (IPO) in the country.

The firm is planning to launch the IPO around November, targeting a valuation between $25bn to $30bn, Bloomberg reported citing a person aware of the plan.

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According to the source, the Paytm board will formally decide this week on the IPO.

The process is expected to begin at the end of June or by July beginning.

The listing would comprise a mix of new and existing shares to comply with Indian regulatory requirement for 10% shares floated within two years and 25% within five years.

Banks including Morgan Stanley, Citigroup, and JPMorgan Chase & Co are reported to be shortlisted by the payment firm to run the IPO.

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Paytm, Morgan Stanley, Citigroup, and JPMorgan Chase & Co did not comment on the news.

Coal India’s INR150bn IPO, which took place over a decade ago, is the largest offering in the country to the date.

Formally known as One97 Communications, Paytm is led by founder and CEO Vijay Shekhar Sharma.

In addition to digital payments, Paytm also offers banking, credit cards, financial services, wealth management and digital wallets.

It is backed by investors including Berkshire Hathaway, SoftBank Group and Ant Group.

In January this year, media reports emerged that Swiss investment bank UBS was in talks to invest as much as $400m in Paytm.

In 2019, the firm raised $1bn in a new funding round to expand its payments and financial services in rural parts of India.