India’s largest digital payments platform, PhonePe, has filed its updated Draft Red Herring Prospectus (UDRHP) for its initial public offering, after receiving approval from market regulator SEBI. The proposed IPO, expected to raise around ₹12,000 crore, will be entirely an Offer for Sale (OFS). This means the company will not issue any new shares; instead, existing shareholders will dilute their holdings. Walmart to cut stake; Microsoft and Tiger Global to exit US retail giant Walmart, PhonePe’s largest shareholder, will sell about 9.06% of its stake—equivalent to 4.59 crore shares—through the IPO. Despite this dilution, Walmart will continue to remain the majority shareholder, currently holding around 71.77% in the company. Meanwhile, Microsoft and Tiger Global will fully exit PhonePe by selling a combined 47 lakh shares in the offering. Valuation pegged at ~$15 billion Market experts estimate that PhonePe is targeting a valuation of nearly $15 billion (around ₹1.37 lakh crore). If achieved, this would make it the second-largest fintech IPO in India, after Paytm. The company had submitted its draft papers via the confidential filing route in September last year, which has now received SEBI’s clearance. Listing likely by mid-2026 Following regulatory approval, PhonePe will file its Red Herring Prospectus (RHP) with the Registrar of Companies (RoC). The company is expected to debut on the stock exchanges by mid-2026. Leading investment banks advising the IPO include Kotak Mahindra Capital, Citibank, Morgan Stanley, and JP Morgan. Financial performance improves ahead of IPO PhonePe’s financials have strengthened significantly ahead of the listing. In FY25, the company’s revenue rose 41% year-on-year to ₹7,148.6 crore, compared with ₹5,064.1 crore in the previous fiscal. Losses narrowed to ₹1,720 crore, and on an adjusted basis—excluding ESOP expenses—profit surged five-fold to ₹630 crore, according to the company. UPI market leader with 45% share PhonePe continues to dominate India’s digital payments space. As of December 2025, it held about 45% market share in UPI transactions. The platform boasts over 60 crore registered users, serves nearly 5 crore merchants, and processes close to 1,000 crore transactions every month, reinforcing its leadership position in the fintech ecosystem. Post navigation Gold silver prices fall on easing geo-political tensions:White metal becomes ₹17,000 cheaper, correcting 5% from record peaks ‘Pollution’ has more impact on India than ‘Tariffs’, says Gopinath:Addressing WEF 2026, the former IMF chief economist adds, ‘Tremendous challenge in India to acquire land’
