Walmart-owned PhonePe to list on Indian bourses, starts preparations for IPO

India's largest fintech PhonePe has begun its preparations for its potential initial public offering (IPO) to list on the country's stock exchanges, the company said on Thursday, February 20. PhonePe was valued at $12 billion during its last funding round held in 2023.

"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 a statement.

In December 2022, PhonePe redomiciled from Singapore to India, for which it had to pay around ₹8,000 crore in taxes to the government.

PhonePe is currently India's largest digital payments company with nearly 48% market share in Unified Payments Interface (UPI), followed by Google Pay with 37% share.

The company in FY24 (2023-24) posted a 73% year-on-year (YoY) increase in its revenue to ₹5,064 crore on enhanced cost optimisation and a wider product portfolio. Its net profit in the previous fiscal (FY24) stood at ₹197 crore, improving drastically from a ₹738 crore loss recorded in FY23.

PhonePe's competitor Paytm listed on the stock exchanges in November 2021. Paytm's stock listed at ₹2,150 per share on the bourses. The scrip is currently over 64% down from its listing price at ₹764 apiece on the NSE. Its 52-week high of ₹1,062.95, hit in December 2024, is also more than 50% below its listing price.