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Walmart, Microsoft, Tiger Global to Sell 50.7 Million Shares in PhonePe's India IPO
PhonePe plans to raise about Rs 12,000 crore through an offer-for-sale, valued near $15 billion, driven by over 600 million users and a 45% UPI transaction market share.
- PhonePe, the Bengaluru-headquartered digital payments firm, received approval from the Securities and Exchange Board of India to proceed with an IPO targeting a $15 Billion valuation.
- It confidentially filed a draft red herring prospectus in September as banks prepared the deal amid buoyant India’s primary markets supporting technology fundraisings.
- According to NPCI data, PhonePe processed 21.6 billion UPI transactions in August, serving over 600 million registered users and nearly 50 million merchants, highlighting its market scale.
- Existing shareholders plan to pare stakes via an offer-for-sale expected to raise about Rs 12,000 crore, with major investors including Walmart participating in the share sale.
- PhonePe's push into stockbroking, insurance distribution and lending broadens its business beyond payments, positioning it as a broader financial services platform in India.
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Total News Sources16
Leaning Left0Leaning Right5Center4Last UpdatedBias Distribution56% Right
Bias Distribution
- 56% of the sources lean Right
56% Right
C 44%
R 56%
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