PhonePe IPO: Walmart, Tiger Global, Microsoft to sell shares
PhonePe is gearing up for a $1.5 billion IPO at a $15 billion valuation, offering 5.07 crore shares through an offer-for-sale.
This move follows SEBI clearing PhonePe's confidential DRHP in January 2026, enabling the company to file an Updated DRHP.
Who's selling and what does it mean?
Walmart will sell a 9% stake in PhonePe to meet SEBI's public float rules, while Tiger Global and Microsoft are letting go of smaller stakes (0.2% and 0.7%).
No new shares are being created—so all the money raised goes straight to these selling shareholders.
What exactly is PhonePe?
Started in Bengaluru by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe dominates UPI payments with over 590 million users and connects 40 million merchants across India.
With nearly half the market share and handling around 310 million transactions daily, it's become a go-to app for everything from payments to insurance and investing.
Other details
Kotak Mahindra Capital is the book-running lead manager; JP Morgan India, Citigroup, Morgan Stanley India, Axis Capital, Goldman Sachs (India) Securities, Jefferies India and JM Financial are merchant bankers/lead managers or advisers.
General Atlantic owns about 9% of PhonePe; Headstand has nearly 6%.
The price band, issue size and timing/listing dates have not been disclosed and will be finalized closer to the launch.