Indian digital payments leader Paytm has boosted the size of its initial public offering to Rs. 18,300 crore from Rs. 16,600 crore, as existing shareholders look to sell more stake ahead of the country’s largest stock market listing.

Paytm was likely to target a price band of Rs. 2,080 – Rs. 2,150 per share for the IPO for a likely valuation of around $20 billion (roughly Rs. 1,49,710 crore), a source directly aware of the matter told Reuters.

The company increased the size of its IPO as it received increased investor demand, said the source, who did not wanted to be named as the information was not public.

Paytm did not immediately respond to a Reuters request for comment.

Several companies including Paytm have jumped into India’s capital markets as investors ride a wave of liquidity that has taken domestic markets to record highs. Food delivery firm Zomato, which also counts China’s Ant Group as a shareholder, is up 77 percent since its listing in July.

Paytm’s offering will open on November 8 and will see top investor Ant Financial sell shares worth Rs. 47,040 crore, or nearly half the offer for sale component. Ant currently holds 183.3 million shares, or a 27.9 percent stake, in Paytm.

While Paytm did not increase the size of its fresh issue component, which still stands at Rs. 8,300 crore, it expanded the offer for sale part to Rs. 10,000 crore from Rs. 8,300 crore earlier.

The IPO is likely to be the biggest in India’s corporate history, breaking a record held by Coal India, which raised Rs.15,000 crore more than a decade ago.

© Thomson Reuters 2021