Top News

Walmart-owned digital payments and financial services company PhonePe has filed draft papers with Sebi for an IPO via the confidential pre-filing route and is planning to raise around Rs 12000 crore ( $1.35 bn) through a pure OFS or offer for sale claimed by Moneycontrol  report.  The company has filed draft papers with markets regulator Sebi for its proposed initial public offering (IPO) through the confidential pre-filing route. Confirming the development on Wednesday a company spokesperson said: “PhonePe Ltd has filed the Pre-filed Draft Red Herring Prospectus with Sebi and the stock exchanges under the Sebi ICDR Regulations in relation to the proposed IPO of its equity shares on the main board of the stock exchanges.” The spokesperson however did not disclose the IPO size. PhonePe IPO Details To facilitate the offering PhonePe has engaged Kotak Mahindra Capital JPMorgan Chase Citigroup and Morgan Stanley as advisors according to sources cited by PTI in June. In FY2023 PhonePe the Walmart group firm raised Rs 7021 crore (around USD 850 million) at a pre-money valuation of USD 12 billion (about Rs 1 lakh crore) from investors including General Atlantic Walmart Ribbit Capital TVS Capital Funds and Tiger Global. PhonePe opted for the confidential pre-filing route which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans. PhonePe Performance Before IPO On the financial front the fintech firm narrowed its consolidated losses to Rs 1727.4 crore in FY25 down from Rs 1996.1 crore in the preceding fiscal. Its revenue from operations rose 40.5 per cent from Rs 5064 crore in FY24 to Rs 7115 crore in FY25 according to data accessed from Tofler. Apart from digital payment solutions the company’s portfolio includes services such as insurance lending and wealth management. It also launched new consumer tech businesses Pincode Share.Market and the Indus Appstore. (With Inputs From PTI)