PhonePe temporarily pauses listing plans
16 Mar 2026, 02:05 PMPhonePe had filed its updated (DRHP) for its IPO with the Securities and Exchange Board of India earlier in January.
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PhonePe on Monday said that it has decided to defer its public listing plans in view of the current geopolitical turmoil.
The Walmart-backed fintech major added in a statement that it will resume the listing process once stability returns to global capital markets.
"We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India," said Sameer Nigam, CEO, PhonePe.
The ongoing war in West Asia has begun to cast a shadow on global markets, with its effects now being felt in India as well. This could weigh on the country’s initial public offering (IPO) pipeline that could likely prompt more companies to reconsider their listing timelines.
PhonePe had filed its updated draft red herring prospectus (UDRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) earlier in January.
The IPO will be a pure offer for sale (OFS) of up to 5.06 crores and it will not involve fresh capital raise.
Walmart, through its unit WM Digital Commerce Holdings, aims to offload up to 4.59 crore shares, or around 9% of its holding in the company. Walmart currently holds 71.77% stake in PhonePe.
Tiger Global and Microsoft, which hold 0.2% and 0.71% stakes, respectively, plans to sell their entire stake via the OFS.
General Atlantic, which holds 8.98% stake in PhonePe, will not be divesting its stake during the IPO. the co-founders -- Sameer Nigam and Rahul Chari, who own 2.55% each in the fintech major, will also stay put.
PhonePe's operating revenue rose to Rs 7,114.8 crore in FY25 from Rs 5,064.1 crore in FY24 and Rs 2,914 crore in FY23. Its operating revenue in the first six months of the ongoing fiscal FY26 was Rs 3,918 crore as compared to Rs 3207.5 crore in the same period previous fiscal year.
The fintech company's net loss is still massive even as losses decreased in FY25 to Rs 1,727.4 crore from Rs 1,996 crore in FY24 and Rs 2,796 crore in FY23. Its net loss in the first six months of the ongoing fiscal, however, increased to Rs 1,444.4 crore from Rs 1,203.2 crore in the same period previous financial year.
Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Morgan Stanley India, Axis Capital, Goldman Sach (India) Securities, Jefferies India and JM Financial are the book running lead managers to the public issue.
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