PhonePe has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI) before it makes its much-awaited IPO launch that is expected by early 2026.
The fintech major went in for a confidential filing to safeguard its sensitive financial and strategic information, said a leading economy daily, saying the firm is eyeing a $1.5 billion IPO that could peg its valuation at around $15 billion.
In April, PhonePe formally changed its name from ‘PhonePe Private Limited’ to ‘PhonePe Limited’ following approval at a general meeting. The name change is an important legal step taken by companies planning to list on Indian stock exchanges.
Also Read: RBI slaps ₹21 lakh penalty on PhonePe for flouting regulations
Reports in the daily have also confirmed the Walmart-backed company has appointed an illustrious list of advisors that include Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanely for the IPO, which will comprise both new shares issuance and an offer for sale (OFS).
Of the total $1.5 billion, the company will offload about 10 per cent equity for sale in the IPO, reports further revealed, adding that majority shareholder Walmart will retain most of its holding.
In FY25, PhonePe saw its operating revenue climb over 40 per cent to ₹7,114.8 crore as compared to ₹5,064.1 crore in the previous year. In FY24, its net loss reduced to ₹1,727.4 crore from ₹1,996.1 crore.
The Bengaluru-based firm’s sharpest growth came from its payments segment, followed by insurance and lending vertical.
PhonePe’s total expenditure also surged 21.2% from ₹7,754.2 crore in FY24 to ₹9,394 crore in the financial year 2025.
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