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Paytm, formally known as One97 Communications, will raise Rs 8,300 crore ($1.11 billion) from a primary fundraise, and the remaining Rs 8,300 crore from a secondary sale of shares by its existing investors, the company said in its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) on Friday.

In total, Paytm hopes its initial public offering to help it raise Rs 16,600 crore ($2.2 billion) in net proceeds, which it said will use to strengthen its ecosystem of offerings, invest in new business initiatives, acquisitions, and explore strategic partnerships.

The fintech startup, earlier this week, received approval from its shareholders to push ahead with its plans of a Rs 16,600 crore initial public offering (IPO).

At the price tag of $2.2 billion, Paytm’s will be the largest stock market listing ever in the country in over a decade, beating the IPOs of Coal India ($2.06 billion), Reliance Power ($1.61 billion), General Insurance Corporation (GIC) ($1.55 billion), and Oil and Natural Gas Corp (ONGC) ($1.45 billion).

The Board also approved the removal of the ‘promoter‘ label for Vijay Shekhar Sharma to comply with rules set by SEBI, which Paytm had proposed in its letter to the shareholders.

JPMorgan, Morgan Stanley, Goldman Sachs, Citi, Axis Capital, ICICI Securities, and HDFC Bank, are among the lead bookrunners managing Paytm’s IPO, according to the DRHP.

Board rejig

Last week, YS reported that Paytm’s president and head of its financial services division Amit Nayyar had resigned. The news came hot on the heels of the exit of its chief human resource officer (CHRO) Rohit Thakur in June.

Paytm has been actively rejigging its Board in the run-up to its IPO. It replaced all Chinese nationals on its board with the US and Indian citizens, its regulatory filings showed. Alipay’s Jing Xiandong, Ant Financial’s Guoming Cheng, and Alibaba’s Michael Yuen Jen Yao and Ting Hong Kenny Ho have all ceased to hold directorship of Paytm. On behalf of Ant Group, Douglas Feagin has joined.

Alibaba’s Ant Group owns nearly 30 percent in the startup, while SoftBank Vision Fund holds 19.63 percent. Elevation Capital (earlier SAIF Partners) and Paytm founder Vijay Shekhar Sharma hold 18.6 percent and 14.7 percent, respectively.