PhonePe To File Confidential IPO Papers Soon: Report

PhonePe To File Confidential IPO Papers This Month: Report

SUMMARY

PhonePe is aiming to raise between $1.2 Bn and $1.5 Bn and expects to get listed by early 2026

The IPO is expected to value the company at around $10 Bn to $12 Bn

The IPO will be a mix of a fresh issue of shares and OFS, with Tiger Global and General Atlantic looking to get partial exit

Walmart-owned PhonePe is reportedly planning to pre-file its IPO papers via the confidential route by the end of September 2025.

The fintech company is aiming to raise between $1.2 Bn and $1.5 Bn (about INR 10,000 Cr to INR 13,000 Cr) and expects to get listed by early 2026, Moneycontrol reported.

The IPO is expected to value the company at around $10 Bn to $12 Bn. About 10% of the company’s equity will be offered for sale in the public issue, as per the report.

The public issue will be a mix of a fresh issue of shares and OFS. While parent Walmart is unlikely to sell a substantial part of its stake, smaller investors such as Tiger Global and General Atlantic may look for partial exit through the IPO, the report added.

Inc42 has reached out to PhonePe for details on the development. The story will be updated on receiving a response.

Earlier, PhonePe was said to be preparing to file its DRHP in August.

The company had roped in Kotak Mahindra, Citigroup, JP Morgan and Morgan Stanley in February to helm its IPO.

“PhonePe has long aspired to be a public company in India, having been founded here and being a leader in India’s fintech industry. In December 2022, PhonePe redomiciled from Singapore to India, and subsequently, established a clear corporate structure with each of its new non-payment businesses as fully owned subsidiaries,” the company said in a statement then.

Following that, the fintech major converted into a public company, changing its name to ‘PhonePe Limited’ from ‘PhonePe Private Limited’ in April.

The latest development comes at a time when over 30 new-age tech companies are looking to go public over the next year or so. PhonePe’s IPO is expected to be the second largest IPO in the Indian fintech segment after Vijay Shekhar Sharma-led Paytm’s over $2.4 Bn public issue.

Besides PhonePe, other fintech platforms like Groww, Navi, InCred, Pine Labs are also eyeing a public listing soon. Last month, Groww received the go ahead from SEBI for its IPO.

Notably, Walmart-owned Flipkart is also eyeing a public market debut in the near future. The ecommerce major is eyeing a listing at a potential valuation between $60 Bn and $70 Bn.