PhonePe Eyes $10.5B IPO — Down From Its $14.5B Peak
Walmart-backed Indian payments giant PhonePe is targeting an IPO valuation well below its last private funding round.
PhonePe, India's most-used payments platform, is gearing up for a domestic IPO with a target valuation of up to $10.5 billion. That's a notable haircut from the $14.5 billion valuation it scored when General Atlantic poured in $600 million back in October.
The Walmart-backed fintech juggernaut dominates India's digital payments landscape, but the public markets apparently want a discount. A $4 billion valuation gap between private and public pricing is hard to ignore.
PhonePe trades under the ticker PHOP.NS on India's National Stock Exchange. The listing would mark one of the biggest Indian fintech IPOs to date, putting the company's growth story directly in front of public market investors — who clearly aren't feeling as generous as the private money was.