PhonePe gets SEBI nod for IPO, listing expected by March-end
20 Jan 2026, 06:04 PMThe market regulator's nod for PhonePe's IPO comes in the wake of a slew of public offers by new age tech companies in India in the past months.
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Walmart-backed fintech major PhonePe has received the approval for its initial public offering (IPO) from the Securities and Exchange Board of India (SEBI), sources familiar with the development said.
PhonePe had filed its draft red herring prospectus (DRHP) for its IPO via the confidential route late last year.
The company is expected to release the DRHP in the public domain this week, and its market listing is expected by the end of March, sources added.
The market regulator's nod for PhonePe's IPO comes in the wake of a slew of public offers by new age tech companies in India in the past months. Fintech majors Groww and Pine Labs also made a strong debut on the bourses late last year.
PhonePe is targeting to raise about Rs 12,000 crore through the IPO, which is expected to be a complete offer for sale (OFS) where investors Walmart, Microsoft, and Tiger Global will divest their stakes.
Kotak Mahindra Capital, Citi, Morgan Stanley, and JP Morgan are advising the company on the IPO, which could value it at around $15 billion.
Built on its payments dominance, PhonePe has expanded into insurance, mutual funds, and lending, positioning itself as a full-stack fintech platform.
In fiscal ended March 31, 2025, PhonePe's net loss narrowed to Rs 1,727 crore from Rs 1,996 crore in the last financial year.
The fintech company's operating revenue jumped 40% to Rs 7,115 crore in FY25 from Rs 5,064 crore in the previous fiscal.
Last year, PhonePe received the Reserve Bank of India's (RBI) final authorization to operate as an online payment aggregator.
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