PhonePe files draft papers with Sebi for Rs 12,000 crore via pre-filing route
PhonePe IPO: Walmart, Tiger Global, and Microsoft may collectively offload about 10% stake in the company.
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Fintech major PhonePe has filed its draft papers with the Securities and Exchange Board of India (Sebi) for a proposed initial public offering (IPO), according to media reports.
The Walmart-backed company is reportedly looking to raise around Rs 12,000 crore through an offer-for-sale (OFS). CNBC-TV18 reported that Walmart, Tiger Global, and Microsoft may collectively offload about 10% stake in the company.
Walmart currently owns 83.9% of PhonePe, while General Atlantic holds 5.14%.
Kotak Mahindra Capital, Citi, Morgan Stanley, and JP Morgan are acting as lead bankers to the issue, with Jefferies, Goldman Sachs, Axis Capital, and JM Financial also part of the syndicate.
PhonePe narrowed its consolidated losses by 13.4% to Rs 1,727.4 crore in FY25, compared to Rs 1,996.1 crore in FY24, according to filings with the Registrar of Companies (RoC). Operating revenue rose 40.4% year-on-year to Rs 7,114.8 crore from Rs 5,064.1 crore. Adjusted EBITDA (excluding ESOP costs) more than doubled to Rs 1,477 crore from Rs 652 crore.
However, total expenses rose 21% to Rs 9,394 crore, driven by a 44.7% jump in payment processing charges to Rs 1,688.1 crore and a 13.6% increase in employee costs.
