PhonePe IPO Date, Latest News and SEBI Approval Status
India’s largest UPI payments app, majority owned by Walmart, with lending, insurance, wealth and merchant payment businesses.
The paperwork is done and approved. The launch depends on market conditions and on agreeing a valuation that sellers accept.
Based on public reports as of 18 October 2026. Not investment advice.
Confirmed vs reported
What the company has said, and what only sources say
| DRHP filed | Confirmed, 24 September 2025 |
| SEBI approval | Confirmed, 20 January 2026 |
| Updated DRHP filed | Confirmed, January 2026 |
| IPO paused due to market conditions | Confirmed by PhonePe, March 2026 |
| Valuation cut to about $9 billion suggested by bankers | Reported, denied as a reason by PhonePe |
| New launch date | Not available |
IPO progress
IPO trackers list the SEBI approval as valid for 18 months, which would run to about July 2027. A launch after that would need fresh approval.
PhonePe has already done most of the work for its IPO. It filed a draft prospectus in September 2025, received SEBI’s approval on 20 January 2026 and filed an updated draft soon after. Then, in March 2026, it pressed pause.
The company said it stopped the process because of geopolitical tensions and a volatile stock market, and called claims that valuation was the reason “baseless”. Reports at the time said bankers had suggested a valuation of about $9 billion, well below the roughly $15 billion PhonePe had hoped for. As of 18 October 2026, no new launch date has been announced.
PhonePe IPO details: what we know so far
| Detail | PhonePe IPO |
|---|---|
| Company | PhonePe Ltd, majority owned by Walmart |
| Issue type | Entirely offer for sale of up to 5,06,60,446 shares |
| Selling shareholders | WM Digital Commerce Holdings (Walmart) 4.59 crore shares, Microsoft 36.8 lakh, Tiger Global 10.4 lakh |
| Reported size | About ₹12,000 to ₹13,000 crore |
| Reservation | QIB at least 75%, NII up to 15%, retail up to 10% |
| Lead managers | Eight, including Kotak Mahindra Capital |
| Registrar | KFin Technologies |
| SEBI approval | 20 January 2026 |
| Status | Paused since March 2026 |
Because the issue is entirely an offer for sale, PhonePe itself will not receive any money. Walmart plans to sell about 9% of the company and keep control, while Microsoft and Tiger Global would exit fully. The retail quota is capped at 10% because the company is loss making, a SEBI rule that applies to companies without a consistent profit record.
PhonePe IPO latest news and timeline (as of 18 October 2026)
- 2022: PhonePe separates from Flipkart and moves its base to India.
- January 2023: PhonePe is valued at about $12 billion in a funding round.
- 24 September 2025: PhonePe files its draft prospectus for an offer for sale.
- 20 January 2026: SEBI approves the IPO. An updated DRHP follows within weeks.
- 16 March 2026: PhonePe pauses the IPO, citing market conditions after Middle East tensions hit stocks.
- October 2026: No new date. Inc42’s tracker lists the issue as filed but not launched.
About PhonePe and its parent company Walmart
PhonePe is the largest app on India’s UPI payments network by transaction share. Beyond payments it distributes loans, insurance and mutual funds, runs merchant payment devices and has launched consumer apps such as the Indus Appstore. It is still loss making, largely because of spending to build these newer businesses.
The numbers investors will look at
In the six months to September 2025, PhonePe’s revenue from operations rose 22% to about ₹3,919 crore, while its loss widened to about ₹1,444 crore. For FY25, total income was about ₹7,631 crore and the loss about ₹1,727 crore, an improvement from losses of ₹1,996 crore in FY24 and ₹2,796 crore in FY23.
The valuation gap is the core issue. The company was valued at $12 billion in 2023 and reportedly hoped for about $15 billion at listing, while bankers were said to be suggesting around $9 billion in March 2026.
What could change the plan
PhonePe needs calmer markets and a valuation that Walmart, Microsoft and Tiger Global are willing to sell at. Regulatory changes to UPI, such as any move on merchant charges or market share caps, are a key risk the company itself flagged in its updated draft. If the approval window lapses before a launch, it would need to refile.
PhonePe IPO review: what it means for investors
With the retail quota capped at 10% and a large size, retail allotment odds could be low if the issue is popular. Because it is a pure offer for sale, none of the money will fund growth, so valuation discipline matters even more.
Watch for a fresh updated DRHP with newer financials, which is usually the first sign that a paused IPO is coming back.
PhonePe IPO: frequently asked questions
No IPO date has been announced as of 18 October 2026. PhonePe paused its IPO in March 2026 because of market conditions and still holds SEBI approval, which IPO trackers list as valid until about July 2027.
Yes. PhonePe filed its draft prospectus (DRHP) on 24 September 2025, SEBI approved the IPO on 20 January 2026, and an updated DRHP followed. No red herring prospectus (RHP) has been filed as of 18 October 2026.
No. It is an offer for sale of up to about 5.07 crore shares by Walmart’s WM Digital Commerce Holdings, Microsoft and Tiger Global. PhonePe will not receive any money.
PhonePe is majority owned by Walmart through WM Digital Commerce Holdings. Microsoft and Tiger Global are also shareholders and would exit fully through the IPO, while Walmart would sell about 9% and keep control.
Reports put the size at about ₹12,000 to ₹13,000 crore. Valuation talk has ranged from about $9 billion to $15 billion, and PhonePe was valued at about $12 billion in 2023. None of these is a confirmed IPO valuation; the final size depends on the price band.
The price band has not been announced as of 18 October 2026. PhonePe is unlisted, so there is no official share price yet.
There is no meaningful grey market premium (GMP) before a price band is announced. GMP is an unofficial, unregulated indicator and often differs from the actual listing price.
Up to 10%. At least 75% is reserved for qualified institutional buyers, because the company is loss making.
No price band exists yet, so the valuation cannot be judged. Strengths: India’s largest UPI app, with lending, insurance and wealth businesses, and a loss that narrowed to about ₹1,727 crore in FY25 from ₹1,996 crore in FY24. Risks: it is still loss making, the issue is entirely an offer for sale, the retail quota is capped at 10%, and UPI rule changes could hit earnings. This is not investment advice.
Disclaimer: This article tracks reported IPO plans and is for information only. It is not investment advice. Plans, sizes and dates can change or be dropped. Wait for the RHP and official exchange notices before making any decision. Data as of 18 October 2026.
On this page
Quick facts
| Owner | Walmart (majority) |
| DRHP | 24 Sep 2025 |
| SEBI approval | 20 Jan 2026 |
| Paused | 16 Mar 2026 |
| Issue | 100% OFS |
| Retail quota | Up to 10% |
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