Fintech major PhonePe secures Sebi approval for IPO, to pursue OFS route

Fintech major PhonePe received the Securities and Exchange Board of India’s (Sebi’s) nod for a public listing after the Bengaluru-based company confidentially filed for an initial public offering (IPO) last year, sources said. 

 

The listing will target a pure offer-for-sale (OFS) route, a source said. 

Investors in the Walmart-promoted company include Tiger Global, Microsoft, General Atlantic, Ribbit Capital, TVS Capital, Tencent, and Qatar Investment Authority, according to Tracxn data.

 

The IPO comes at a time when multiple fintech peers have listed on the bourses. These include Paytm, MobiKwik, Infibeam Avenues, and Pine Labs. 

 

The company is a leader on India’s real-time payments system Unified Payments Interface (UPI). It processes around 45 per cent of all the UPI transactions monthly. 

 

 

The closest rival on UPI is Google Pay with a 35 per cent market share. 

 

The company recorded ₹7,115 crore in revenue in 2024-25 (FY25), a 40 per cent growth from the previous year. 

 

This was accompanied by the company turning free cash flow positive, with cash flow from operations amounting to ₹ 1,202 crore.  

 

PhonePe continued to improve its bottom line, with adjusted earnings before interest, taxes, depreciation, and amortisation or Ebitda (excluding ESOP costs) more than doubling to ₹1,477 crore (from ₹652 crore in the prior year), and adjusted PAT (excluding ESOP costs) more than tripling to ₹630 crore (from ₹197 crore in the previous year). 

EAAA India Alternatives files DRHP with Sebi 

EAAA India Alternatives, formerly known as Edelweiss Alternative Asset Advisors, has filed draft documents with Sebi. The initial public offering will be entirely an offer for sale for ₹1,500 crore, with a face value of ₹5 per share.

 

UPL unit files for IPO 

Advanta Enterprises,a unit of UPL Ltd, has filed its draft red herring prospectus with Sebi for an IPO. The IPO will be entirely an offer-for-sale by UPL and two other shareholders. Advanta is a global agricultural firm focused on hybrid seeds and post-harvest products.