PhonePe has received SEBI approval for its much-anticipated IPO, marking one of India’s biggest fintech listings. The Walmart-backed firm aims to raise about ₹12,000 crore (~$1.3–1.5 billion) at a valuation near $15 billion, with a likely market debut by mid-2026. Existing major shareholders including Walmart and Microsoft plan to sell shares via the offer.
1. SEBI Approval and IPO Progress
PhonePe has secured formal approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering. This follows earlier confidential filings of the draft offer documents and positions the company for a public market debut.
2. Expected Fundraise and Valuation
The IPO is anticipated to raise around ₹12,000 crore (approximately $1.3–1.5 billion) through an Offer For Sale (OFS), where existing shareholders sell their stakes rather than the company issuing new shares. The move could value PhonePe at around $15 billion, making it one of the largest Indian fintech IPOs.
3. Timeline and Listing Outlook
Market sources indicate that PhonePe could aim for a listing by mid-2026, with some reports suggesting an IPO market debut around April 2026 after SEBI approval. Final dates, price band, and lot size are yet to be announced.
4. Strategic Shareholder Participation
Key global investors including Walmart, Microsoft, and other backers such as Tiger Global are expected to partially divest stakes in the OFS portion of the IPO. This provides liquidity to early investors while offering public participants an entry point into the company.
5. Market Position and Growth Story
PhonePe is one of India’s leading digital payments and fintech platforms, deeply embedded in the UPI ecosystem and used by hundreds of millions of users. Prior filings showed revenue growth and a narrowing of losses, reflecting broad business expansion into payments, credit, insurance, and wealth products. Its dominant UPI volume share and large user base underpin investor interest and IPO appeal.
Conclusion
The PhonePe IPO represents a watershed moment for India’s fintech sector and public markets. With SEBI approval in hand, a strong valuation, and participation from marquee global investors, the listing is poised to attract significant retail and institutional attention. Investors should watch for the official IPO prospectus, price band, and subscription timeline to make informed decisions ahead of this landmark debut.
