By Business Desk,News18,Varun Yadav
Copyright news18
PhonePe IPO: PhonePe, a Walmart-backed fintech company, has filed its draft red herring prospectus (DRHP) with the market regulator to raise Rs 12,000 crore via the confidential route, according to a Moneycontrol report.
The IPO is likely to be a complete offer for sale (OFS). The backers Walmart, Tiger Global and Microsoft will participate in the offer for sale to trim their stakes in the company.
PhonePe spokesperson said to Moneycontrol that the company ahs filed the pre-filled Draft Red Herring Prospectus (“PDRHP”) with the Securities and Exchange Board of India and BSE Limited and the National Stock Exchange of India Limited in relation to the initial public offering of its equity shares, under Chapter IIA of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The filing of the PDRHP shall not necessarily mean that the Company will undertake the initial public offering.
In December 2022, PhonePe redomiciled from Singapore to India for which it had to pay around Rs 8,000 crore in taxes to the government.
“PhonePe is announcing today that the company is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges. This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions,” PhonePe said in an earlier statement.
