The Indian digital Payment system, Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter said on Monday, Reuters reported.

The money will be raised via the sale of new Paytm stock as well as the secondary offering of shares at an expected valuation of $24 billion to $25 billion with an option to raise the amount at a later stage if required, the sources said, declining to be named as the matter is not public. The prospectus will be filed shortly after Paytm’s extraordinary general meeting (EGM) of shareholders in Delhi on July 12, the sources added.

Paytm, which counts China’s Alibaba and Japan’s SoftBank as backers, is seeking shareholder approval at the EGM to sell up to Rs 12,000 crore ($1.61 billion) in new stock and has an option to retain an over-subscription of up to 1 per cent, Reuters reported previously.

The company has hired JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the IPO, the sources said.