PhonePe gets SEBI nod for India's second largest fintech IPO, likely to seek $15-billion valuation

UPI payments market leader PhonePe has received market regulator Securities and Exchange Board of India (SEBI) approval for its initial public offering (IPO) on January 20, according to a couple of sources.

The offering is expected to value PhonePe at around $15 billion, and the company is looking to raise around Rs 12,000 crore ( $1.35 billion) through a pure OFS or offer for sale,Moneycontrol exclusively reported.

PhonePe is likely to file the updated DRHP, a public document, over the next few days. Global retail giant Walmart-owned digital payments firm filed draft papers with market regulator SEBI for IPO via the confidential pre-filing route in late September.

Second-largest New Economy IPO

The public listing of the Bengaluru-based payments giant sets the stage for the second-largest new economy listing after rival Paytm’s IPO in late 2021. Noida-based Paytm’s IPO valuation was around $20 billion, with the IPO size of around Rs 18,000 crore.