Indian fintech major PhonePe plans to file draft red herring prospectus (DRHP) for its initial public offering (IPO) by the end of August with the aim to raise as much as $1.5 billion, according to a report.

The IPO is expected to value the Walmart-backed digital payments company at nearly $15 billion, the Bloomberg reported citing unidentified people.

Earlier in April, PhonePe had officially transitioned from a private limited company to a public limited company as a step to ready itself for the planned IPO.

In 2022, the fintech company had completed its reverse flip from Singapore to India.

The Bengaluru-based company, co-founded by Sameer Nigam and Rahul Chari in 2015, was acquired by the Flipkart group in 2016 and has raised external funding over the years. In 2023, PhonePe had raised $100 million as part of its $1 billion funding round at a pre-money valuation of $12 billion. 

Walmart, which had acquired Flipkart in 2018, continues to be the major shareholder. Other investors in PhonePe include Microsoft, Tiger Global, General Atlantic, Ribbit Capital, Tencent, TVS Capital and Qatar Investment Authority.

Another Indian fintech company Pine Labs is expected to file DRHP for its IPO with the market regulator by the end of this month.