PhonePe files for IPO, eyes Rs 12k crore raise

MUMBAI: Walmart’s PhonePe has filed draft IPO papers though Sebi’s confidential route, gearing up for a potential $1.2-1.3 billion (Rs 10,000-12,000 crore) listing early next year.

The IPO which has been in the works for some time will be an offer for sale (OFS) meant to give exit to investors. PhonePe’s investors Tiger Global and Microsoft are likely to completely exit the company through the IPO while Walmart will sell some shares, sources said. A company spokesperson confirmed the filing of IPO but didn’t share any additions details.

“PhonePe Walmart will also be taking its other India business Flipkart public.” PhonePe competes with players such as Google Pay and Paytm in India’s growing fintech market where there is enough and more room to expand given that many people remain underbanked.