India’s UPI funds big PhonePe has filed its up to date draft pink herring prospectus (UDRHP) with the Securities and Alternate Board of India (SEBI), formally advancing preparations for certainly one of India’s most intently watched fintech public listings.

The proposed IPO shall be structured completely as a suggestion on the market (OFS), with no recent problem of shares. In consequence, PhonePe won’t obtain any proceeds from the problem. As an alternative, current shareholders will pare their holdings to supply liquidity.

In accordance with the UDRHP dated January 21, 2026, the provide will comprise as much as 5.06 crore fairness shares. Promoter Walmart’s subsidiary, WM Digital Commerce Holdings, plans to promote 4.59 crore shares by way of the OFS. Tiger International and Microsoft will offload 10.39 lakh and 36.78 lakh shares, respectively. WM Digital Commerce at the moment holds a 71.77% stake in PhonePe, whereas Tiger International and Microsoft personal 0.20% and 0.71%, respectively.

Amongst different shareholders, Common Atlantic Singapore holds an 8.98% stake, Headstand Pte Ltd owns 5.73%, and 3State Ventures holds 1.03% of the corporate. Co-founders Sameer Nigam and Rahul Chari every maintain a 2.55% stake.

The up to date submitting comes a day after PhonePe acquired SEBI’s approval for its public itemizing. The corporate had pre-filed its draft pink herring prospectus in September final 12 months. Market estimates recommend the IPO may very well be sized at round Rs 12,000 crore, valuing the corporate within the vary of $14.5 billion to $15 billion, although the ultimate dimension and valuation shall be decided nearer to launch.

Based in 2012 as a digital funds platform, PhonePe was acquired by Flipkart in 2015. As a part of its IPO readiness, the Bengaluru-based firm shifted its domicile from Singapore to India in 2022 and accomplished its separation from Flipkart in the identical 12 months. It transformed right into a public restricted firm in April final 12 months, a key procedural step forward of itemizing. Since inception, PhonePe has raised practically $2.3 billion in funding.

Whereas PhonePe started as a UPI-focused funds startup and grew to turn into the nation’s largest UPI participant, it has steadily expanded right into a full-stack fintech platform. Its choices now span shopper and service provider funds, insurance coverage distribution, lending, inventory broking and mutual fund distribution by way of Share.Market, in addition to the Android app market Indus Appstore.

Financially, the corporate continues to steadiness development with losses. Within the first half of FY26, PhonePe’s web loss widened 20% to Rs 1,444.4 crore, from Rs 1,203.2 crore in H1 FY25, at the same time as working income rose 22.2% to Rs 3,918.5 crore from Rs 3,207.5 crore a 12 months earlier. For the complete 12 months FY25, working income elevated 40.5% year-on-year to Rs 7,114.8 crore, whereas web losses narrowed 13.5% to Rs 1,727.4 crore, in contrast with Rs 1,996.2 crore in FY24.