Paytm has engaged JPMorgan, Goldman Sachs, and two other banks for a projected $3 billion IPO.

The startup’s board of directors also allowed Morgan Stanley and ICICI Securities Ltd. to assist with the sale, according to the people, who asked not to be identified because the matter is private.

According to people familiar with the situation, Paytm, India’s digital payments startup, has chosen four banks for its anticipated initial public offering, including JPMorgan Chase & Co. and Goldman Sachs Group Inc.

According to the persons, the board of the company, originally known as One97 Communications, also allowed Morgan Stanley and ICICI Securities Ltd. to assist with the sale.

Bloomberg News reported last month that Paytm is joining a worldwide share sale frenzy with an intention to raise as much as 218 billion rupees ($3 billion) in the initial share offer. That would make it India’s largest first public offering. According to data provided by Bloomberg, roughly $3 billion has been raised through IPOs in the South Asian nation so far in 2021, the best start to the year since 2018.

In response to emailed questions, JPMorgan and ICICI Securities declined to comment, while Goldman Sachs and Morgan Stanley did not answer. Paytm’s spokesman declined to comment.

SoftBank Group Corp., Berkshire Hathaway Inc., and Ant Group, among others, sponsored the firm earlier this month and asked its employees to formally declare if they wanted to sell stock as part of the public offering. Before the company completes its prospectus, which is likely to be submitted to the regulator in early July, the statements will be necessary.