IPO-bound PhonePe targets $9–10.5 billion valuation, aims to list by April: Report

Walmart-backed PhonePe is aiming to list at a valuation of $9-10.5 billion, a Reuters report stated, citing sources. At the current valuation, PhonePay will raise about $900 million to $1.05 billion via the IPO. But even at the top end, the deal would mark a cut from the $12 billion valuation at which PhonePe last raised $100 million in private markets in 2023.

As per the report, Walmart will trim its stake in PhonePe by about 12% in the fintech’s initial public offering, while investors such as Tiger Global and Microsoft plan to exit their stakes. Combinedly, the three firms will sell around 50.7 million shares in the offering, and PhonePe will not issue any new shares, the report added.