Paytm is scheduled to make its market debut following its $2.5 billion IPO.

Paytm, an Indian digital payments business is expected to make its stock market debut on Thursday, following the oversubscription of its $2.5 billion initial public offerings (IPO), India's largest, last week.

Paytm, which is backed by China's Ant Group and SoftBank, secured $1.1 billion from institutional investors and received $2.64 billion in bids for the remaining shares on offer last week, or 1.89 times.

The company, based on the outskirts of India's capital New Delhi, priced its 85.1 million-share offering at the top of the range at 2,150 rupees ($28.92) per share. It had set a price range of 2,080-2,150 rupees per share for the transaction.

Despite Paytm's high valuation, some market observers predicted that the shares would rise on its launch.

Paytm was launched in 2010 by engineering graduate Vijay Shekhar Sharma as a platform for cellphone recharges. After ride-hailing business Uber listed it as a speedy payment option in India, the company developed quickly, and its use increased further in late 2016 after New Delhi's surprise ban on high-value currency notes encouraged digital payments.

According to Forbes, Sharma, a schoolteacher's son, is now a billionaire with a net worth of $2.4 billion as a result of Paytm's success. Its IPO also created hundreds of new millionaires in a country with a per capita income of less than $2,000.