PhonePe IPO | Walmart-backed PhonePe appoints four merchant bankers for upcoming public issue: Report

PhonePe IPO: Digital payments giant PhonePe has appointed four merchant bankers—JP Morgan, Citi India, Morgan Stanley, and Kotak Mahindra Capital—to manage its initial public offering (IPO). According to a report by CNBC-TV18, the Walmart-backed Fintech major is preparing for a domestic listing.

While the fintech major has not officially disclosed its fundraising target, a Moneycontrol report said PhonePe could aim to raise billions for a valuation of up to $15 billion. According to the report, the IPO process will begin in the first week of March. PhonePe, which redomiciled from Singapore to India in December 2022, has said it has established a clear corporate structure, with each of its new non-payment businesses as wholly owned subsidiaries.