Indian digital payments firm Paytm expects to launch its initial public offering (IPO) at the end of October, pending regulatory approvals, a source familiar with the matter said on Monday.

Paytm, which has filed for a Rs 16,600 crore ($2.2 billion) IPO that will likely be the largest ever in India, also expects to break even in 18 months, the source said, declining to be named as the matter is not public.

Paytm’s IPO plan comes at a time several first-generation homegrown start-ups in India prepare to go public on the domestic bourses, led by food delivery firm Zomato, which made a stellar stock market debut last week.

“Hopefully Paytm will be able to go out before Diwali,” the source said.

The startup, which counts China’s Ant Group and Japan’s SoftBank among its backers, narrowed its operating loss to Rs 1,655 crore in the financial year to end-March 2021 from Rs 2,468 crore a year before.

“Paytm is on the path to profitability now,” the source said. “If the company continues the way it is doing right now 18 months is quite reasonable, assuming there is no Covid-related impact to the business.” Paytm declined to comment.

JSW Cement

Private equity funds Apollo Global Management, Advent International and Synergy Metals and Mining Fund are in the race to pick up a stake in JSW Cement, part of the $12 billion JSW Group, according to a source. The three funds have moved to the next round of the minority stake sale of JSW Cement at valuation of around $1.5 billion.

JSW Cement is divesting a stake worth Rs 1,500 crore ($200 million) to fund its capital expenditure, the source said. This could be a combination of debt and equity, though it is yet to be finally decided.