PhonePe IPO: PhonePe, the largest digital payments provider in India majority-owned by Walmart Inc., is readying to submit initial documentation for a public offering that could generate up to $1.5 billion, according to sources with knowledge of the matter.The fintech organisation is aiming to submit a draft red herring prospectus by August, with the IPO potentially valuing the company at approximately $15 billion, sources told Bloomberg.The sources noted that the arrangements are currently in progress and details remain subject to modification.Founded in 2015, PhonePe reports having over 610 million registered users and processes 340 million rupees in daily transactions. In 2023, the company secured $100 million in funding from Ribbit Capital, Tiger Global Management and TVS Capital Funds, achieving a valuation of $12 billion at that time, as per their official announcement.The financial services firm has enlisted the services of Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley as lead managers for coordinating the proposed offering.
