Walmart-backed fintech giant PhonePe has filed the updated draft red herring prospectus (UDRHP) with SEBI for its IPO, which will comprise only an offer for sale (OFS).
The Bengaluru-based company's investors will offload up to 5.06 Cr equity shares via the IPO. While promoter Walmart's WM Digital Commerce Holdings plans to sell 4.59 Cr shares through the OFS, Tiger Global and Microsoft will sell 10.39 Lakh and 36.78 Lakh shares, respectively.
WM Digital Commerce currently holds a 71.77% stake in the company, while Tiger Global and Microsoft's ownership is 0.20% and 0.71%, respectively.
Aside from its selling shareholders, General Atlantic Singapore holds an 8.98% stake, Headstand Pte Ltd owns 5.73%, and 3State Ventures holds 1.03% shares in PhonePe.
The UDRHP comes a day after PhonePe received SEBI's approval for its public listing. The fintech major pre-filed its DRHP in September last year. It was said to be looking to raise INR 12,000 Cr ($1.35 Bn) via the offer for sale (OFS) at a valuation of about $15 Bn.
Founded in 2012 as a digital payments platform, PhonePe was acquired by Flipkart in 2015. As part of its IPO preparations, PhonePe shifted its domicile to India from Singapore in 2022. It completed its separation from Flipkart in the same year.
PhonePe converted to a public limited company in April last year from a private limited company, paving the way for an imminent IPO.
The Bengaluru-based company has raised nearly $2.3 Bn since inception.
While it started as a digital payments startup and later became the largest UPI player, PhonePe expanded its offerings over the years to become a full-stack fintech giant. Currently, its offerings include consumer and merchant payments, insurance, and lending. It also operates stock broking and mutual funds distribution platform Share.Market and Android app store 'Indus Appstore'.
On the financial front, PhonePe's net loss widened 20% to INR 1,444.4 Cr in the first half of FY26 from INR 1,203.2 Cr in H1 FY25. Meanwhile, operating revenue zoomed 22.2% to INR 3,918.5 Cr in H1 FY26 from INR 3,207.5 Cr in the same period a year ago.
For the full year FY25, the IPO-bound company's revenue zoomed 40.5% to INR 7,114.8 Cr, from INR 5,064.1 Cr in FY24. PhonePe also managed to narrow its net loss by 13.5% to INR 1,727.4 Cr in FY25 from INR 1,996.2 Cr in the previous year.
Following its listing, PhonePe will join fintech players like Paytm, PB Fintech, Pine Labs, MobiKwik and Groww on the bourses.