Walmart to cut 10 percent stake in PhonePe IPO
MUMBAI: Tiger Global and Microsoft will fully exit PhonePe as the Walmart-owned fintech gears up for a debut on Dalal Street in the coming months.
The first Indian business from Walmart’s stable to go public, PhonePe is seeking to raise about Rs 12,000 crore ($1.3 billion) through an offer for sale (OFS). Walmart, which holds about 72% stake in the company, is paring its shareholding by 10% in the IPO. Tiger Global, Microsoft and Walmart will together sell some 5 crore shares, updated draft IPO papers filed by PhonePe on Thursday showed. The company had filed for IPO confidentially in Sept last year.
