Digital payments giant PhonePe has appointed four merchant bankers—JP Morgan, Citi India, Morgan Stanley, and Kotak Mahindra Capital—to manage its initial public offering (IPO), sources familiar with the development told CNBC-TV18.The Walmart-backed fintech firm is preparing for a domestic listing. While the company has not officially disclosed its fundraising target, a Moneycontrol report suggests that PhonePe could be aiming to raise billions for a valuation of up to $15 billion.
The IPO process is expected to begin in the first week of March.
The tech unicorn earlier announced that it began preparatory steps for the listing.PhonePe, which redomiciled from Singapore to India in December 2022, has said it has established a clear corporate structure, with each of its new non-payment businesses as fully owned subsidiaries.
Speaking to CNBC-TV18 at the Global Fintech Summit last year, PhonePe’s co-founder Sameer Nigam had expressed concerns over regulatory uncertainty impacting the company’s IPO plans, particularly referencing the NPCI’s proposed 30% cap for UPI market share, which was later extended by another two years.
Also Read: PhonePe IPO | A look at the growth story of this UPI pioneer
