PhonePe plans confidential IPO filing by end of September
04-September 2025
Walmart-backed digital payments major PhonePe has begun work on its initial public offering (IPO), with sources indicating that the company is likely to pursue the confidential filing route by the end of September.
While valuation discussions are still underway, market insiders suggest that around 10% equity could be on offer. The IPO is expected to include both fresh capital infusion and an offer for sale, with an estimated size of ₹10,000–13,000 crore ($1.2–1.5 billion). This could value PhonePe at about $10–12 billion, with a targeted listing timeline of early 2026.
The issue is expected to provide partial liquidity to some investors. Walmart, which holds over 70% in PhonePe, is unlikely to dilute a significant portion of its stake, while smaller investors such as Tiger Global and General Atlantic—each holding under 9%—may seek partial exits.
Holding a commanding 45% share of India’s UPI transactions, PhonePe is the market leader in QR-based payments. Beyond payments, it operates in the payment gateway business and offers a growing suite of financial products, including insurance and loans, through its platform.
PhonePe has appointed JP Morgan, Morgan Stanley, Citigroup, and Kotak Mahindra Capital as investment bankers to manage its upcoming IPO.
An email query sent to the company regarding its listing plans went unanswered at the time of publishing.
Founded in December 2015 as a subsidiary of Flipkart, PhonePe’s ownership structure shifted following Walmart’s acquisition of Flipkart. In December 2020, Walmart reorganised the business, spinning off PhonePe as a separate subsidiary.
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