PhonePe, the Walmart-backed Indian fintech company, filed draft papers for an Initial Public Offering (IPO). The public offer is structured entirely as an offer-for-sale (OFS); the company will not raise new capital.
Existing shareholders are selling up to 5.06 crore shares. WM Digital Commerce Holdings Pte Ltd., a Walmart subsidiary and the promoter, is the largest seller. It is offloading 4.59 crore shares, accounting for a 9.06% stake.
Other prominent investors, including Tiger Global and a Microsoft subsidiary, are also selling shares. PhonePe is India's largest digital payments platform.