PhonePe has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its initial public offering, clearing a crucial regulatory hurdle for one of India’s most anticipated fintech listings.
According to a report bymoneycontrol.com, the Bengaluru-based digital payments firm is now expected to move closer to the markets with an IPO that could value the company at around $15 billion. The Walmart-backed company is likely to raise nearly Rs 12,000 crore through an offer for sale (OFS), with existing shareholders set to dilute a portion of their stakes.
If executed as planned, PhonePe’s listing would rank among the largest fintech IPOs in India, second only to Paytm’s market debut in 2021. The company has established itself as a dominant force in India’s digital payments ecosystem, handling billions of transactions each month and commanding a sizeable share of UPI volumes.
While payments remain its core business, PhonePe has expanded into adjacent segments such as stockbroking, insurance distribution and lending, as part of its strategy to build a comprehensive financial services platform. Major investors, including Walmart and other early backers, are expected to participate in the share sale.
The regulatory clearance comes amid renewed activity in India’s primary markets, with several technology and startup firms preparing to go public. PhonePe’s IPO is widely seen as a key test of investor appetite for large consumer internet companies following recent sector volatility. With Sebi’s approval now in place, the company is expected to take the next steps toward launching what could be one of the most closely watched fintech listings in the country.
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