PhonePe, the Indian digital payments firm majority-owned by Walmart Inc., is preparing for an initial public offering (IPO) that could raise up to US$1.5 billion, according to a Bloomberg report cited by DealStreetAsia.
The listing could value the fintech company at around US$15 billion, with a draft prospectus expected to be filed by August.
Founded in 2015, PhonePe is said to be one of India’s largest digital payments platform by volume.
The company reportedly processes over 300 million transactions daily and serves more than 600 million users across 40 million merchants.
It operates primarily on the country’s Unified Payments Interface (UPI), a fast-growing real-time payments system.
PhonePe has appointed Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley to manage the offering, Bloomberg reported, citing unnamed sources.
Both Walmart and PhonePe have declined to comment on the IPO plans.
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