PhonePe pauses IPO as West Asia war roils markets
Mumbai: Walmart-backed PhonePe has paused its IPO amid volatility in the markets which have fallen by about 7% since the start of the West Asia conflict. In a statement on Monday, the fintech firm said that it will resume the listing process once there is some stability in global capital markets. “We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” said CEO Sameer Nigam.
The delay of PhonePe’s targeted $1.3 billion IPO which was set to be the second biggest public issue to be floated by a startup after Paytm’s 2021 listing and a major liquidity event for its early backers probably underlines the broader risk of a temporary slowdown of the domestic IPO market which had been on a bull run last year.
