PhonePe Targets Up To $10.5 Billion Valuation In Landmark IPO

PhonePe, backed by Walmart, is gearing up for one of India’s most anticipated fintech IPOs. The company, which dominates the digital payments space, is seeking a valuation of up to $10.5 billion in its upcoming listing. According to filings, the IPO will involve 50.7 million shares, with no new shares issued, meaning the proceeds will come from existing investors selling their stakes.  

The offering is expected to raise between $900 million and $1.05 billion. Walmart will reduce its holding by about 12%, while Tiger Global and Microsoft plan to fully exit. Analysts note that this IPO could become India’s second-largest fintech listing, following Paytm’s $20 billion debut in 2021.  

Key Highlights  

• PhonePe targets $9-10.5 billion valuation in IPO  
• IPO size estimated at $900 million-$1.05 billion  
• 50.7 million shares to be offered, no fresh issue  
• Walmart to trim stake by 12%  
• Tiger Global and Microsoft to exit holdings  
• IPO could be India’s second-largest fintech listing after Paytm  

Strategic Importance  
PhonePe’s IPO underscores the growing investor appetite for India’s fintech sector, driven by rapid digital adoption and expanding financial inclusion. The listing will not only provide liquidity to existing investors but also strengthen PhonePe’s position as a market leader. With over 500 million registered users, the company is well-placed to capitalize on India’s digital payments boom.  

Sources: The Economic Times, U.S. News, Business Standard