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PhonePe gets SEBI nod for IPO

EntrackrEntrackr · 1m ago
PhonePe gets SEBI nod for IPO
Medial

PhonePe gets SEBI nod for IPO Walmart-backed digital payments major PhonePe has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), according to sources aware of the development. The Bengaluru-based company had pre-filed its Draft Red Herring Prospectus (DRHP) through the confidential route in September last year. PhonePe is reportedly eyeing a fundraise of up to Rs 12,000 crore through the public issue. The proposed IPO is largely structured as an Offer for Sale (OFS), with existing shareholders, including Walmart, Tiger Global, Microsoft and others. The listing could value PhonePe at around $15 billion. PhonePe last raised $600 million through a secondary transaction led by General Atlantic, while its most recent primary capital raise of $100 million came in May 2023, also led by General Atlantic, at a valuation of $12 billion. Operationally, PhonePe has continued to strengthen its dominance in the UPI ecosystem. In December, the company processed 9.8 billion customer-initiated transactions worth Rs 13.61 lakh crore, as per NPCI data. The fintech firm has also pivoted Pincode from a B2C offering to a B2B merchant-focused model, moving away from its original local commerce play launched on ONDC in April 2023. Financially, PhonePe posted 40.5% year-on-year growth in operating revenue, which rose to Rs 7,115 crore in FY25 from Rs 5,064 crore in FY24. Its adjusted profit (excluding ESOP costs) surged nearly fivefold to Rs 630 crore, compared to Rs 117 crore a year earlier.

PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets

EntrackrEntrackr · 1d ago
PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets
Medial

PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets Digital payments platform PhonePe has temporarily paused its initial public offering (IPO) plans due to ongoing geopolitical tensions and volatility in global financial markets. In a press statement on Monday, the company said it has deferred its public market listing process and will resume the IPO once stability returns to global capital markets. PhonePe’s IPO delay comes amid tensions involving Iran, the US, and Israel, which have increased volatility in global markets and affected investor sentiment, prompting several IPO-bound companies to delay their listings. PhonePe CEO Sameer Nigam said the company remains committed to going public in India despite the temporary pause. He also expressed hope for a quick resolution to the ongoing Iran–Israel–US conflict. Founded in 2016, PhonePe is one of India’s largest digital payments platforms, with over 650 million registered users and a merchant network of more than 47 million. In February, it led UPI among third-party apps with 9.28 billion transactions worth Rs 13,10,392.95 crore, holding a 45.5% share by volume and 48.8% by value. Earlier this year in January, PhonePe filed its updated DRHP with Securities and Exchange Board of India (SEBI) to raise around Rs 12,000 crore (approximately $1.5 billion) through an IPO. According to multiple media reports, the company was targeting a valuation of around $10.5 billion. Notably, in October last year, General Atlantic invested $600 million in PhonePe at a valuation of roughly $14.5 billion. The decision to hold the IPO comes amid heightened market volatility, which could potentially impact the company’s valuation. PhonePe’s largest shareholder Walmart may prefer to avoid listing under uncertain market conditions that could compress its valuation. While PhonePe may be a relatively small bet for Walmart, the company’s valuation remains crucial for the fintech firm, making the timing of its public market debut an important factor.

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