Overview
- PhonePe’s updated DRHP confirms a pure offer-for-sale of about 50.7 million shares, with no primary capital raised for the company.
- Walmart, the majority owner, will sell roughly 46 million shares, while Tiger Global and Microsoft are set to fully exit their stakes, according to the filing.
- The offering is expected to raise about $1.35–$1.5 billion at an implied valuation near $15 billion, with a listing targeted as early as April or by mid‑2026 per reports.
- Interim results show revenue rose about 22% to Rs 3,918 crore in H1 FY26 as the net loss widened to Rs 1,444 crore on higher employee and processing costs.
- PhonePe remains the UPI market leader with more than 45% share and hundreds of millions of users, and the IPO is being led by a global-local bank syndicate including Kotak, Goldman Sachs, JPMorgan, Citi, Morgan Stanley, Jefferies, Axis and JM Financial.