Walmart-owned fintech startup PhonePe is reportedly gearing up to file for an IPO confidentially by the end of September 2025.

The company plans to launch its IPO on Indian stock exchanges early in 2026, aiming to raise $1.5 billion through this process. Some sources suggest that the public issue could boost PhonePe’s valuation to approximately $12 billion.

Details of PhonePe’s IPO

The IPO will include both new share issuance and an offer for sale (OFS). It is estimated that 10% of the company’s equity will be offered for sale during this round. While Walmart, which holds a significant stake, is expected to retain most of its holdings, investors like Tiger Global and General Atlantic may use the listing as an opportunity to partially exit their investments.

PhonePe has appointed financial advisors including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley for this IPO. In April, the company officially changed its name from PhonePe Private Limited to PhonePe Limited, a crucial step towards its planned listing on Indian stock exchanges.

In line with regulatory requirements, this change needs approval from the Central Processing Centre of the Ministry of Corporate Affairs (MCA), which will issue a new Certificate of Incorporation upon approval.

According to data from the National Payments Corporation of India (NPCI), in July 2025, PhonePe was active in the UPI market with approximately 8.93 billion transactions, followed by Google Pay’s 6.92 billion and Paytm’s 1.36 billion. The company held over 45% of the total UPI transaction volume.

PhonePe was established as a Flipkart subsidiary in December 2015 but shifted ownership after Walmart’s investment in Flipkart. In December 2020, Walmart restructured its group to make PhonePe a direct subsidiary and separate it from its e-commerce operations.