Particle.news

Download on the App Store

PhonePe Targets August Filing for $1.5 Billion IPO

Enlisting global banks to guide its IPO, PhonePe plans to submit its Draft Red Herring Prospectus to Sebi by early August

Image
Image
Image

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.