Bengaluru-based PhonePe, one of the leading digital payment platforms, which is backed by Walmart and General Atlantic, has submitted an updated draft UDRHP with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering.
PhonePe IPO details:
The IPO will consist entirely of an offer-for-sale of 5.06 crore equity shares by existing shareholders, including the promoter WM Digital Commerce Holdings. There are no fresh issues in the IPO, according to the UDRHP filed on January 21.
Walmart’s share in PhonePe is around 71.77%, from which they are going to sell around 4.59 crore shares, equal to 9.06% of the company’s total shares, as part of the OFS.
The remaining 47.17 lakh shares in the offer-for-sale will be sold by investors Tiger Global PIP 9-1 and Microsoft Global Finance Unlimited Company, an Irish subsidiary of Microsoft.
General Atlantic Singapore PPIL owns the most among public investors with 8.98%, and Headstand comes next with 5.73%.
Estimated Valuation of ₹1.33 Lakh Crore
According to market experts, PhonePe is targeting a valuation of around $15 billion (about ₹1.37 lakh crore) for its IPO. If this happens, it would be the second-largest IPO in India’s fintech sector after Paytm.
PhonePe filed a confidential draft IPO document (DRHP) in September 2025. Furthermore, SEBI approved this DRHP on January 20, 2026, which enabled PhonePe to proceed to the next steps. After that, PhonePe filed a UDRHP with the SEBI for an IPO.
UPI was launched in April 2016, and in August 2016, PhonePe became the first private non-bank company in India to launch a UPI-based app. According to NPCI data, it is now the largest digital payments platform in India by both the number of transactions and the total payment value for UPI payments made by customers.
Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Morgan Stanley India Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, and JM Financial are the PhonePe IPO’s merchant bankers.
PhonePe IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
PhonePe Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹3,083.43 | ₹5,906.23 | ₹2,796.07 |
| 2024 | ₹5,722.20 | ₹7,754.29 | ₹1,996.17 |
| 2025 | ₹7,631.38 | ₹9,394.10 | ₹1,727.41 |
| Sep 2025 | ₹4,174.51 | ₹6,069.27 | ₹1,444.42 |
PhonePe IPO Valuation – FY2025
PhonePe IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹(37.46) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (18.43)% |
| Net Asset Value (NAV): | ₹182.79 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| One 97 Communications Limited | (10.35) | – | (4.41) | 235.59 | 7,624.90 Cr. |
Objects of the Issue
- NA
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
- J.P. Morgan India Private Limited
- Citigroup Global Markets India Private Limited
- Morgan Stanley India Company Private Limited
- Axis Capital Limited
- Goldman Sachs (India) Securities Private Limited
- Jefferies India Private Limited
- JM Financial Limited
