MOHAMMAD ZIYAUDDIN
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India’s largest digital payments company, PhonePe, owned by Walmart, has announced that it is taking preparatory steps for its potential IPO and plans to list on Indian stock exchanges. The company, which was valued at $12 billion in its last funding round in 2023, is gearing up for a major milestone as it celebrates its 10-year anniversary this year.
PhonePe’s IPO Announcement
In an official statement, PhonePe said:
“The company is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges. This marks a significant milestone as PhonePe celebrates its 10-year anniversary and continues to serve millions of customers with innovative financial services and technology solutions.”
The move reflects PhonePe’s long-term commitment to India, following its redomiciling from Singapore to India in December 2022, for which it paid approximately ₹8,000 crore in taxes.
PhonePe IPO Amid Weak Market Conditions
PhonePe’s IPO announcement comes at a time when India’s stock market is experiencing weak IPO listings. The last four mainboard IPOs struggled to make a strong debut:
| IPO Name | Listing Performance |
|---|---|
| Ajax Engineering | (-8.43%) (Negative listing) |
| Dr. Agarwal’s Health Care | Flat |
| Hexaware Technologies IPO | 5.3% gains |
| Denta Water & Infra Solutions IPO | 10.54% gains |
Despite the subdued IPO environment, PhonePe remains optimistic about its market debut, leveraging its strong market presence and growth in India’s digital payments sector.
PhonePe IPO Details: Opening Date, Price, Lot Size
- PhonePe has just begun its IPO preparations.
- Key details like the IPO opening date, price, and lot size will be announced later.
- The company is expected to finalize the details in due course as it moves forward with regulatory filings and approvals.
Why PhonePe’s IPO Matters?
Market Leader in Digital Payments: PhonePe is India’s largest UPI-based payments platform, competing with Google Pay, Paytm, and Amazon Pay.
Strong Financial Backing: The company is owned by Walmart, ensuring financial stability and investor confidence.
Shift to India: By relocating its headquarters to India, PhonePe has shown commitment to India’s financial ecosystem.
IPO Could Boost Indian Markets: If successful, PhonePe’s IPO could bring renewed interest in tech IPOs, similar to Zomato and Paytm’s market debut.
As PhonePe gears up for its IPO, investors and market watchers will be closely tracking further developments on its listing strategy and valuation.
