Paytm is projected to raise $3 billion in an IPO in India.

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Paytm is asking its employees if they want to sell stock in the digital payments company’s planned initial public offering, a step closer to what could be the country’s largest stock market debut ever.

According to documents acquired by Bloomberg News, the business, formally known as One97 Communications Ltd., delivered the “offer for sale” to its employees on Monday as it prepared to file for an IPO. According to a source familiar with the matter, Paytm’s board has accepted the offering plans in principle and is preparing the draught red herring prospectus, which may be issued as early as the first week of July.

Bloomberg News reported in May that the business, whose investors include Berkshire Hathaway Inc., SoftBank Group Corp., and Ant Group Co., is looking to raise approximately 218 billion rupees ($3 billion) at a valuation of $25 billion to $30 billion. In 2010, Coal India Ltd. raised more than 150 billion rupees in the country’s largest initial public offering (IPO).

One97, which was recently valued at $16 billion by unicorn tracker CB Insights, is part of a new wave of promising Indian entrepreneurs. During one historic week in April, six firms achieved unicorn status in the digital industry, with valuations of $1 billion or more.

To comply with Indian legal requirements, Paytm’s public market debut will contain a combination of new and existing shares. According to the country’s legislation, 10% of shares must be floated within two years and 25% within five years.

Employees will be able to sell their shares as part of the IPO through the offer for sale, or OFS. According to the filings, Paytm’s board of directors has given preliminary consent to the debut, but formal clearance will not come until the prospectus is finished.

According to the documents, if current shareholders seek to sell more shares in aggregate than was allowed at the IPO, their capacity to sell stock will be assessed on a pro-rata basis.

On the offering, Morgan Stanley is collaborating with Paytm. Paytm did not respond to a request for comment on the listing.

Employees can take part in the IPO by agreeing to sell all or part of their equity shares, a decision that must be made before the first offering documents are filed with the country’s regulator. The notice said that any equity shares not sold during the offering would be locked in for a year.

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