PhonePe’s IPO will be entirely an Offer for Sale (OFS). PhonePe aims to raise approximately ₹12,000 crore through this IPO.
PhonePe IPO: In PhonePe’s upcoming IPO, its existing shareholders Walmart, Tiger Global, and Microsoft Global Finance will sell shares worth approximately ₹10,115 crore. This information has emerged from the updated draft documents (UDRHP) filed by the fintech company.
This PhonePe IPO will be entirely an Offer for Sale (OFS), meaning the company will not raise any new primary capital. Only existing investors will sell their stake through this IPO.
Sale of 5.06 crore equity shares
The proposed IPO involves the sale of a total of 5.06 crore equity shares. The entire issue will be an Offer for Sale (OFS), where existing investors will sell their shares. PhonePe’s promoter, WM Digital Commerce Holdings (owned by Walmart International Holdings), plans to sell approximately 4.6 crore shares. In addition, Tiger Global will sell approximately 10.39 lakh shares and Microsoft will sell approximately 36.78 lakh shares. Walmart holds a 71.77% stake in the Bengaluru-based PhonePe. General Atlantic holds 8.98% and Headwater holds 5.73%.
The company’s co-founders, Sameer Nigam and Rahul Chari, each hold a 2.55% stake in PhonePe. This filing comes just a day after PhonePe received IPO approval from SEBI. According to reports, PhonePe aims to raise approximately ₹12,000 crore (approximately $1.35 billion) through this IPO. The company’s estimated valuation is said to be around $15 billion. 45% Share in UPI Transactions
PhonePe is leading India’s digital payments market with a market share of over 45% in UPI transactions. According to NPCI data, the company processed 9.8 billion transactions in December 2025.
PhonePe IPO: The Company’s Financial Health
In FY 2024-25, the company’s revenue stood at ₹7,115 crore, representing a 40% year-on-year increase. During this period, the company also became free cash flow positive, with an operating cash flow of ₹1,202 crore. The company’s adjusted profit (excluding ESOP costs) increased to ₹630 crore, more than tripling.
PhonePe’s public listing will set a significant benchmark for India’s digital payments sector and could pave the way for other fintech unicorns preparing to enter the public market.
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