Walmart-backed payments giant PhonePe receives Sebi nod for IPO

Walmart-backed Indian payments firm PhonePe has received regulatory approval for its stock market listing after confidentially filing draft papers with the market regulator in September, a person with direct knowledge of the development told Mint on Tuesday.

The initial public offering (IPO) will not include a fresh issue of shares. Existing investors, including Walmart, Microsoft and Tiger Global, are expected to participate as selling shareholders, with the offer for sale likely to be around 10%, the person said.