PhonePe’s Rs 12k cr IPO gets Sebi nod
MUMBAI: PhonePe has secured a go ahead from markets regulator Sebi for its IPO, people aware of the matter said. The Walmart-owned company is seeking to raise around Rs 12,000 crore ($1.3 billion) through an offer for sale (OFS). If it proceeds with a Rs 12,000-crore offer, it will be the second biggest Dalal Street debut for a startup.
An OFS allows existing company shareholders to offload their stakes and exit their investments; no money goes into the firm’s coffers. Tiger Global, Microsoft and Walmart will sell shares in the IPO, sources had earlier said.
