Walmart-backed fintech giant PhonePe has filed the updated draft red herring prospectus (UDRHP) with SEBI for its IPO, which will comprise only an offer for sale (OFS). The Bengaluru-based company’s investors will offload up to 5.06 Cr equity shares via the IPO. While promoter Walmart’s WM Digital Commerce Holdings plans to sell 4.59 Cr shares through the OFS, Tiger Global and Microsoft will sell 10.39 Lakh and 36.78 Lakh shares, respectively. WM Digital Commerce currently holds a 71.77% stake in the company, while Tiger Global and Microsoft’s ownership is 0.20% and 0.71%, 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. The UDRHP comes a day after PhonePe received SEBI’s approval for its public listing. The fintech major pre-filed its DRHP in September last year. It was said to be looking to raise INR 12,000 Cr ($1.35 Bn) via the offer for sale (OFS) at a valuation of about $15 Bn. Founded in 2012 as a digital payments platform, PhonePe was acquired by Flipkart in 2015. As part of its IPO preparations, PhonePe shifted its domicile to India from Singapore in 2022. It… Read MoreInc42 Media
