PhonePe Plans Confidential IPO Filing by September-End

As per the Moneycontrol report, Payments giant PhonePe is preparing to enter the public markets and has begun groundwork for its much-anticipated Upcoming IPO. The company intends to file confidentially by the end of September, targeting a market debut by early 2026. The issue, which blends a fresh capital raise with an offer for sale, could be among the largest listings in India’s fintech space.

IPO Details and Investor Plans

As per the news report, the upcoming IPO is expected to be sized at around ₹10,000–13,000 crore (~$1.2–1.5 billion), giving PhonePe a valuation in the range of $10–12 billion. 

Roughly 10% of equity may be put on the block. While the listing will provide liquidity to certain stakeholders, Walmart, the majority owner with over 70% holding, is unlikely to pare much of its stake. In contrast, smaller shareholders like Tiger Global and General Atlantic, each holding less than 9%, may seek partial exits.

Market Leadership and Growth Trajectory

PhonePe continues to dominate India’s digital payments landscape, holding more than 45% market share in UPI transactions and leading the QR-based payments segment. Beyond its core business, the company also operates in the payment gateway space and distributes financial products such as loans and insurance via its platform. 

Founded in December 2015 as a Flipkart subsidiary, PhonePe was spun off in 2020 when Walmart, after investing in Flipkart, restructured the ownership to make it a direct subsidiary.

As per the news report, the issue will be managed by global and domestic heavyweights: JP Morgan, Morgan Stanley, Citigroup, and Kotak Mahindra Capital. 

Read More: Binny Bansal-backed Winspark Plans IPO Following 2 Consecutive Years of Profitability!

Conclusion

With a confidential filing expected this month, PhonePe is setting the stage for one of India’s most high-profile fintech IPOs. The blend of scale, market dominance, and marquee investors makes the offering one to watch closely as the company moves towards its early 2026 listing goal.

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