PhonePe files confidential papers for IPO with SEBI

Core Insights - PhonePe has confidentially filed draft papers with SEBI for a public offering, aiming to raise approximately Rs120bn ($1.35bn) [1][3] - The company is targeting a mid-2026 listing, following a valuation of $12bn from private market capital raises in 2023 [3] Company Overview - PhonePe, founded in 2015, is a leading player in India's unified payments interface (UPI) ecosystem, holding over 45% market share by volume [3] - The platform processed 9.15 billion transactions out of a total of 20 billion on UPI in the last month, indicating significant market activity [4] Stakeholder Information - Walmart is the majority stakeholder in PhonePe with an 83.9% share, while General Atlantic holds 5.14% [2] - The proposed offer-for-sale may lead to Walmart, Tiger Global, and Microsoft selling around 10% of their stakes in PhonePe [2] Market Position and User Base - PhonePe has over 600 million registered users and provides payment solutions to more than 40 million merchants [4] - The company is backed by major financial institutions including Mastercard and PayPal Holdings [5] IPO Management - The IPO transaction is being managed by a syndicate of banks, including Kotak Mahindra Capital, Citi, Morgan Stanley, and JP Morgan, with support from Jefferies, Goldman Sachs, Axis Capital, and JM Financial [2]