PhonePe IPO
PhonePe IPO is an upcoming Mainboard IPO of PhonePe Limited. The proposed IPO comprises an Offer for Sale of up to 5,06,60,446 equity shares of face value ₹1 each. The price band, lot size and IPO dates are yet to be announced.
PhonePe IPO Details
PhonePe IPO is the proposed Mainboard IPO of PhonePe Limited, a digital payments and financial services company backed by Walmart. The company operates across consumer payments, merchant payments, digital distribution services, lending and insurance distribution, along with newer platforms such as Share.Market and Indus Appstore. The proposed IPO is an Offer for Sale of up to 5,06,60,446 equity shares, with no fresh issue, meaning PhonePe will not receive proceeds from the Offer. The IPO price band, issue dates and lot size are yet to be announced.
PhonePe IPO Timeline (Tentative)
The PhonePe IPO timeline is yet to be announced. The Updated Draft Red Herring Prospectus does not contain the final Bid/Offer opening or closing dates and keeps these fields as placeholders. The Anchor Investor Bid/Offer Period, IPO opening date, closing date, basis of allotment, refund initiation, credit of shares to demat and listing date will be updated after the company announces the final issue schedule.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
PhonePe IPO Lot Size
The PhonePe IPO lot size has not yet been announced. Since the price band is also pending, the minimum amount required for a Retail Individual Bidder cannot be calculated at this stage. The final RHP will specify the minimum bid lot and the maximum permissible application size for Retail, S-HNI and B-HNI investors.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
PhonePe IPO Reservation
The PhonePe IPO reservation structure provides for not less than 75% of the Offer for Qualified Institutional Buyers, not more than 15% for Non-Institutional Bidders and not more than 10% for Retail Individual Bidders, subject to the final issue structure and applicable regulations.
PhonePe IPO Subscription
The PhonePe IPO subscription status will be updated after the issue opens for bidding. The subscription table will show category-wise demand from Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors, along with the overall subscription level during the IPO period.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About PhonePe
PhonePe Limited is a technology company that operates digital platforms across payments, digital distribution services and financial services. Its flagship PhonePe app was launched in 2016 and has expanded from UPI payments into merchant payments, insurance, lending and other financial products.
The company also operates newer businesses including Share.Market, a stock broking and mutual fund distribution platform, and Indus Appstore, an Android-based mobile application marketplace. As of September 30, 2025, PhonePe had more than 65 crore registered users and a digital payments acceptance network covering more than 4.7 crore merchants.
Strengths
- Large registered user and merchant network.
- Strong presence in India's digital payments ecosystem.
- Diversified operations across payments and financial services.
- Expansion into lending, insurance and wealth products.
- New platforms including Share.Market and Indus Appstore.
- Backed by Walmart and other institutional investors.
Risks to Consider
- The company has reported consolidated losses.
- Digital payments is a highly competitive market.
- Regulatory changes can affect payment and financial services.
- Dependence on third-party banks and payment infrastructure.
- New business segments require continued investment.
- IPO valuation and final pricing are yet to be announced.
PhonePe Financials (₹ Cr)
PhonePe reported strong growth in revenue from operations during FY2023 to FY2025, while its consolidated loss narrowed during the same period. Revenue from operations increased from ₹2,914.29 crore in FY2023 to ₹7,114.86 crore in FY2025, while the consolidated loss after tax reduced from ₹2,796.07 crore to ₹1,727.41 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY 2024-25 | 7,114.86 | -1,727.41 | 18,205.23 | |
| FY 2023-24 | 5,064.13 | -1,996.17 | 12,706.48 | |
| FY 2022-23 | 2,914.29 | -2,796.07 | 11,840.28 |
KPIs & Valuation
The FY2025 EPS is negative, so the P/E ratio cannot be meaningfully calculated until the final IPO price and the company's profitability position are available.
Objects of the Issue
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- The proposed Offer consists entirely of an Offer for Sale of up to 5,06,60,446 equity shares by the selling shareholders.
- The company will not receive any proceeds from the Offer.
- The proposed listing is intended to provide the company with the benefits of listing, including enhanced visibility and brand image and a public market for its equity shares.
Promoters, Lead Managers & Registrar
KFin Technologies Limited is the registrar to the PhonePe IPO. The Updated Draft Red Herring Prospectus names eight Book Running Lead Managers for the proposed Offer, including Kotak Mahindra Capital Company Limited, Axis Capital Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, Citigroup Global Markets India Private Limited, Jefferies India Private Limited, Morgan Stanley India Company Private Limited and JM Financial Limited.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| phonepe.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
PhonePe IPO Review
PhonePe is a digital payments and financial services platform with operations spanning consumer payments, merchant payments, insurance, lending and digital distribution services. The company has also expanded into stock broking and mutual fund distribution through Share.Market and into mobile application distribution through Indus Appstore.
PhonePe reported revenue from operations of ₹7,114.86 crore in FY2025, compared with ₹5,064.13 crore in FY2024 and ₹2,914.29 crore in FY2023. Its consolidated loss after tax was ₹1,727.41 crore in FY2025, compared with ₹1,996.17 crore in FY2024 and ₹2,796.07 crore in FY2023. The FY2025 diluted EPS was negative at ₹37.46.
The IPO is entirely an Offer for Sale, with up to 5,06,60,446 equity shares offered by WM Digital Commerce Holdings Pte. Ltd., Tiger Global PIP 9-1 Ltd. and Microsoft Global Finance Unlimited Company. The final price band, issue dates and lot size are yet to be announced.
How to Apply
Investors can apply for the PhonePe IPO through supported online IPO platforms using their UPI ID after the issue opens for subscription.
Through UPI
- Open your preferred broker or IPO application platform.
- Select PhonePe IPO.
- Enter the number of lots you want to apply for.
- Enter the required bid price.
- Enter your UPI ID.
- Submit the IPO application.
- Approve the UPI mandate received in your UPI application.
- Ensure sufficient funds are available in the linked bank account.
- Check the IPO application status after submission.
- Check allotment and demat credit after the basis of allotment is finalised.
Prospectus & Documents
The Updated Draft Red Herring Prospectus-I is available, while the final RHP and Prospectus will be added after filing.
Last updated Sep 29, 2026.