Walmart-owned digital payments company PhonePe says it is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges.
PhonePe, India’s biggest digital payments company owned by Walmart, on Thursday said it is starting preparatory steps for its potential IPO and plans to list on Indian exchanges. The company was valued at $12 billion during its last funding round held in 2023.
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The announcement comes as PhonePe celebrates its 10-year anniversary this year.
“PhonePe is announcing today that the company is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges. This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions,” PhonePe said in a statement.
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In December 2022, PhonePe redomiciled from Singapore to India for which it had to pay around Rs 8,000 crore in taxes to the government.
The PhonePe IPO announcement comes amid weak stock market environment as the last four mainboard IPOs remained bleak. Out of the four last IPO listings, one (Ajax Engineering) saw a negative listing of (-)8.43 per cent, one (Dr Agarwal’s Health Care) was flat, and two (Hexaware Technologies IPO and Denta Water and Infra Solutions IPO) were listed at small gains of 5.3 per cent and 10.54 per cent, respectively.
PhonePe IPO: Opening Date, Price, Lot Size
PhonePe has just started its preparations for the IPO. It will decide on the opening date, IPO price and lot size in future course of time.
