SoftBank-Backed Paytm Targets Record $2.2 Billion India IPO (1)

Paytm, the Indian digital payments pioneer backed by SoftBank Group Corp., is seeking approval for a $2.2 billion initial public offering that could be India’s largest.

The startup backed also by Berkshire Hathaway Inc.and Jack Ma’s Ant Group Co. plans to raise as much as 166 billion rupees ($2.2 billion) from its share sale. The IPO will include an equal amount of new and secondary shares, according to a Draft Red Herring Prospectus filed with the regulator on Friday.

Formally called One97 Communications Ltd., Paytm hopes to tap the same strong investor demand that’s propping up ...