PhonePe IPO: PhonePe has temporarily put its public listing plans on hold due to ongoing geopolitical conflicts and heightened volatility in global markets, according to a PTI report. The company said it will restart the process once stability returns to capital markets.
“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” Sameer Nigam, CEO of PhonePe was quoted as saying by PTI
PhonePe, formerly known as PhonePe Private Limited, is a technology company that builds digital platforms across payments, digital distribution and financial services. Headquartered in India, the company launched its digital payments app in 2016.
As of September 30, 2025, PhonePe had more than 65 crore registered users and a digital payments acceptance network spread across over 4.7 crore merchants.
PhonePe IPO Details
PhonePe, the Walmart-controlled fintech company, was reportedly targeting a valuation of $9 billion-$10.5 billion for its proposed IPO. That implied a discount to the $12 billion valuation at which the company had raised $100 million in 2023.
According to its draft red herring prospectus, Walmart plans to sell around 12% stake through the IPO. The offer is expected to provide an exit route to investors including Tiger Global and Microsoft. Together, the selling shareholders will offload 50.7 million shares in the issue, with no fresh equity issuance planned.
The updated draft prospectus showed that the public issue will consist of an offer for sale of up to 50,660,446 equity shares. Walmart will lead the sale, alongside other major investors such as Tiger Global and Microsoft.
PhonePe remains the dominant player in India’s UPI ecosystem, with more than 48% market share by transaction value. Based on the latest NPCI data cited, the company processed 9.8 billion transactions in December alone.
The company has also delivered steady revenue growth in recent years, supported by multiple income streams, while continuing to improve its financial performance. Its draft prospectus also highlighted a sharp contrast in adjusted EBITDA performance between the core PhonePe platform and its newer platforms business.
Stock Markets today
The Indian stock market benchmark indices, Sensex and Nifty 50 swung between gains and losses on Monday, March 16 amid mixed global cues. Crude oil remaining above $100 per barrel remained a key concern. Meanwhile, investors watch out for the latest developments in the US-Iran war which has entered its third week. Volatility is likely to remain high amid elevated crude oil prices and uncertainties due to the prolonged Middle East war.
Oil prices also rose as investor focus returned to threats facing Middle East oil facilities, despite U.S. President Donald Trump’s call for nations to help safeguard the Strait of Hormuz, a vital artery for global energy shipments.
Brent crude futures climbed $2.73, or 2.7%, to $105.87 a barrel by 0730 GMT, after settling up $2.68 on Friday. U.S. West Texas Intermediate crude gained $1.65, or 1.7%, to $100.36 a barrel, after finishing up nearly $3 in the previous session.
Meanwhile, global stocks slipped only modestly and crude oil pared earlier gains as markets attempted to stabilize after the US strike on Iran’s main export hub. The dollar also weakened. The MSCI Asia Pacific Index edged 0.1% lower, while stocks in South Korea advanced 0.7%. Equity-index futures for the US also rose 0.3%. Tokyo time, S&P 500 futures were up 0.3%, while Hang Seng futures rose 0.5%. In Asia, Japan’s Topix slipped 0.2% and Australia’s S&P/ASX 200 fell 0.3%. Euro Stoxx 50 futures were also lower, down 0.5%.
The US-Iran war has entered its third week, and the trade through the Strait of Hormuz, a vital artery for global oil and gas shipments, has come to an effective halt. US President Donald Trump said Washington is in contact with Iran but expressed doubt that Tehran is prepared for serious negotiations to end the conflict.
