Walmart-backed Indian fintech firm PhonePe is preparing to file preliminary documents for its initial public offering to raise as much as $1.5 billion, sources have said.
The IPO would value PhonePe at nearly $15 billion, they said, adding that PhonePe is planning to file draft papers for the listing by August.
PhonePe has roped in bankers—Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley—for the launch, sources aware of the development said.
The Walmart group firm had last raised ₹7,021 crore (around $850 million) at a pre-money valuation of $12 billion (about ₹1 lakh crore) from investors like General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds, and Tiger Global in FY23.
PhonePe investors, led by Walmart, paid almost ₹8,000 crore in taxes to the Indian government to effect PhonePe’s domicile shift to India from Singapore in 2022.
The company was last reported to have over 61 crore registered users and more than 4 crore merchants on its platform.
Ellenbarrie IPO
Ellenbarrie Industrial Gases on Monday said it has raised ₹256 crore from anchor investors, a day ahead of the launch of its initial share sale for public subscription.
According to a circular uploaded on BSE's website, Ellenbarrie Industrial Gases allocated a little over 63.93 lakh equity shares to 28 entities at ₹400 per share, which is the upper end of the IPO price band.
The ₹852-crore initial public offering will be open for public subscription on June 24-26.