Shortly after receiving regulatory go-ahead for its confidential IPO papers, Walmart-backed fintech major PhonePe filed its updated draft red herring prospectus (DRHP) with SEBI for an OFS-only IPO, with shareholders offloading up to 5.06 Cr equity shares. Promoter Walmart’s holding entity WM Digital Commerce Holdings plans to sell 4.59 Cr shares through the OFS. It is the biggest shareholder of PhonePe with a 71.77% stake in the company. Additionally, other investors paring their stake in PhonePe include Tiger Global and Microsoft, who are divesting their entire holdings. Both companies own 0.2% and 0.71% of PhonePe, and are selling 10.39 Lakh and 36.78 Lakh shares, respectively. Aside from its selling shareholders, General Atlantic Singapore holds an 8.98% stake, Headstand Pte Ltd owns 5.73%, and 3State Ventures holds 1.03% shares in PhonePe. Cofounders Sameer Nigam and Rahul Chari, who are not offloading any part of their stake, hold 2.55% of PhonePe shares each. Ahead of its planned IPO, the cofounders sold a portion of their holdings to private equity firm General Atlantic. Each cofounder sold 84.2 lakh shares to the US-based investor at INR 2,338.60 per share, with the combined deal valued at INR 3,937.32 Cr. This allowed Nigam and Chari to… Read MoreInc42 Media
