Overview
- Reuters reports the offering would raise about $900 million to $1.05 billion through a pure offer-for-sale with no new shares issued.
- Walmart plans to cut its holding by roughly 12% while Tiger Global and Microsoft intend to fully sell their stakes, according to SEBI filings.
- The targeted valuation is below PhonePe’s $12 billion private mark from 2023, and the deal would rank as India’s second-largest fintech listing after Paytm’s 2021 debut.
- PhonePe aims to complete the listing by April, though the timeline could shift with broader market conditions and geopolitical risks, sources said.
- The UPI leader counts over 650 million registered users and processed nearly 10 billion of January’s 21.7 billion UPI transactions, even as IPO filings show H1 FY26 losses widened to ₹14.44 billion with revenue up 22%, fueling investor questions about monetisation.