> ## Content Index
> Fetch the complete content index at: https://www.theglobalbanker.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# PhonePe Files Updated DRHP With SEBI for $1.3 Billion IPO at $15 Billion Valuation in India
- URL: https://www.theglobalbanker.com/phonepe-updated-drhp-sebi-1-3-billion-ipo-15-billion-valuation/
- Published: 2026-01-22T08:00:00.000Z
- Updated: 2026-10-02T14:22:14.000Z
- Description: PhonePe has filed an updated DRHP with SEBI for an OFS-only IPO targeting approximately $1.3 billion, valuing the payments fintech at around $15 billion.
- Author: TGB Editorial Team
- Tags: Fintech, Asia-Pacific, #archive

PhonePe filed its updated Draft Red Herring Prospectus with the Securities and Exchange Board of India in January 2026, advancing plans for an initial public offering that media reports put at around ₹12,000 crore (about $1.3 billion). Reports suggest the listing could value PhonePe at about $15 billion.

The offering is structured entirely as an Offer for Sale, meaning no new shares will be issued and PhonePe itself will not receive any of the proceeds. Instead, the capital raised will flow to the selling shareholders, who include Walmart — which holds approximately 72% of the company — alongside Tiger Global and Microsoft. 

#### REVENUE GROWTH AND PATH TO LISTING

PhonePe's updated prospectus covers financial performance that includes operating revenue of ₹7,115 crore for the financial year ended March 2025, representing growth of approximately 40% over the prior year. 

PhonePe first filed a confidential DRHP with SEBI in September 2025, giving the regulator an initial look at the business ahead of the public filing. The updated document was submitted in January 2026, following SEBI's clearance of the confidential draft around 20 January 2026.

#### SELLING SHAREHOLDERS

Walmart's majority stake in PhonePe traces back to its acquisition of Flipkart, which controlled PhonePe before it was spun out as a separate entity and incorporated in India. 

Tiger Global and Microsoft are selling their entire holdings (0.20% and 0.71% respectively) in the offer.