Overview
- The IPO is expected to raise up to $1.5 billion and place PhonePe among India’s most valuable fintech firms with an estimated $15 billion valuation.
- Kotak Mahindra Capital, JPMorgan Chase & Co, Morgan Stanley and Citigroup have been hired to lead the IPO process.
- PhonePe’s shift of legal domicile from Singapore to India in December 2022 led to an ₹8,000 crore tax payment and cleared the way for a local market debut.
- The platform’s offerings now include UPI payments, insurance, mutual funds, lending and stock broking for hundreds of millions of users.
- Investor scrutiny is high after Paytm’s shares fell nearly 60% post-listing and Mobikwik slid about 15% from its issue price.