According to many media reports, market regulator Securities and Exchange Board of India (SEBI) approved UPI payments market leader PhonePe’s initial public offering (IPO) on January 20. PhonePe hopes to generate about INR 12,000 crore (or $1.35 billion) through a pure OFS or offer for sale. The offering is anticipated to be valued at approximately $15 billion. Over the coming days, PhonePe is probably going to submit the revised DRHP, which is a public document. In late September, a digital payments company owned by global retail powerhouse Walmart submitted draft documents for an initial public offering (IPO) through the private pre-filing process to market regulator SEBI. What its means for the company let’s find out.PhonePe’s IPO will Reflect its Dominance in UPI Payment SectorIn the UPI mobile payment platform, PhonePe has about 45% of the market, while Google Pay, its closest rival, has about 35% of the market. The UPI platform handles about 85% of the nation’s digital payments. After competitor Paytm’s IPO in late 2021, the public listing of the Bengaluru-based payments juggernaut paves the way for the second-largest new economy listing. PhonePe’s IPO proposal is strong because of its steady dominance of the UPI market, despite the payment… Read MoreStartupTalky- Business News, Insights and Stories
