Indian digital payments provider Paytm said it will offer $1.6 billion in new shares as part of its IPO (initial public offering) plan.

Paytm hopes to offer 120 billion rupees (about $1.61 billion) in new shares in the IPO, plus a potential over-allotment of 1 percent (to underwriters). On July 12, Paytm will hold an extraordinary general meeting. At that time, it will seek shareholder approval for the plan.