PhonePe, an Indian payments company backed by Walmart, has obtained regulatory approval for its stock market debut following a confidential draft filing with the market regulator made in September.

The initial public offering (IPO) will exclude a new issuance of shares. Current investors, such as Walmart, Microsoft, and Tiger Global, are anticipated to join as selling shareholders, with the sale offer expected to be approximately 10percent, as per reports.

PhonePe is anticipated to submit its revised draft red herring prospectus on the Securities and Exchange Board of India (Sebi) website within the upcoming days. Information regarding valuation and pricing has not been finalized and will hinge on elements like anchor allocation, as mentioned by the individual. The listing is expected to occur in March or April.

The firm has been preparing for a public offering for numerous months. In February 2025, it designated JP Morgan, Citi India, Morgan Stanley, and Kotak Mahindra Capital as merchant bankers to oversee the IPO. In April, it changed from a private business to a public corporation.

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It also modified its structure. In 2022, it moved its headquarters from Singapore to India, becoming the initial Indian firm to achieve this. The transaction required a tax payment of approximately Rs.8,000 crore to the Indian government.

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On a consolidated basis, PhonePe's operational revenue grew by 41percent to Rs.7,148.6 crore in FY25, compared to Rs.5,064.1 crore in the prior year, as per filings with the ministry of corporate affairs. Despite rising costs, the growth rate was slower than revenue expansion, allowing PhonePe to reduce its consolidated loss after tax to Rs.1,727.4 crore from Rs.1,996.2 crore the previous year.

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Established in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe operates as a subsidiary of Walmart Inc. In addition to its primary payments services, it has broadened its scope to include insurance, lending, and wealth management, as well as launching consumer tech platforms like Pincode and the Indus Appstore.