PhonePe Becomes Public Entity Ahead of IPO, Eyes $15 Billion Valuation

 

 

In a significant move towards its highly anticipated market debut, PhonePe, one of India’s top digital payments platforms, has officially converted into a public limited company, setting the stage for its upcoming PhonePe IPO. Backed by U.S. retail giant Walmart, the fintech leader made the change official by filing documentation with the Registrar of Companies (RoC), renaming itself as PhonePe Limited. This transformation was approved during an Extraordinary General Meeting held on April 16 and now awaits final clearance from the Ministry of Corporate Affairs.

The company’s shift from a private to a public entity marks a pivotal step in its roadmap to a PhonePe public listing, a move expected to be one of the biggest in the Indian tech space. Industry insiders suggest that PhonePe is targeting a blockbuster valuation of around $15 billion, placing it among the top contenders in India’s digital economy. This PhonePe IPO announcement aligns with broader IPO market trends, where major tech-driven companies are increasingly eyeing capital markets to fuel their next phase of growth.

To ensure a seamless and successful transition, PhonePe has roped in some of the most reputed financial institutions globally. Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley have reportedly been appointed as advisors for the IPO process. Their combined expertise will be instrumental in managing regulatory compliance, investor outreach, and valuation strategies as PhonePe navigates the complex IPO landscape.

The company’s public listing comes at a time when the IPO in India space is witnessing renewed momentum, driven by investor appetite for digital-first enterprises that are reshaping how consumers engage with financial services. With over 500 million registered users and a commanding presence in UPI-based transactions, PhonePe is uniquely positioned to leverage its scale and innovation to attract strong investor interest.

PhonePe’s transition to a public limited entity is more than just a structural change—it reflects its long-term vision of becoming a dominant financial technology powerhouse not only in India but globally. As the IPO gears up, market watchers will be closely tracking PhonePe’s next moves, which could very well redefine the contours of India’s fintech sector.