Digital payments leader PhonePe has officially transitioned from a private limited company to a public limited company as it gears up for its highly anticipated Initial Public Offering (IPO). The fintech firm, backed by Walmart, confirmed the development in a regulatory filing with the Registrar of Companies (ROC).
According to the filing, "As part of the prerequisites for initiating the IPO process, the company is required to convert into a public limited company under the Companies Act, 2013. Accordingly, the name of the company has been changed from PhonePe Private Limited to PhonePe Limited."
A company must be structured as a public limited entity to issue shares to the public and get listed on stock exchanges. Private companies are not allowed to sell shares to the general public, whereas public limited companies can raise capital by offering their shares in the open market through an IPO.
This move allows PhonePe to take a significant step closer to its goal of being publicly traded. Listing on the stock exchange will enable investors to buy and sell PhonePe shares, and help the company secure large-scale funding for future growth and expansion.
PhonePe first revealed its IPO intentions on February 20, 2025. According to a report by Moneycontrol, the company has already appointed key investment banks, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, to advise on the offering and help manage the listing process.
In a major strategic move, PhonePe became the first Indian unicorn to shift its legal domicile from Singapore back to India. This transition took place in 2022 and involved a substantial tax payment of approximately ₹8,000 crore to the Indian government during the restructuring process.
The shift aligns with the government’s "Make in India" vision and positions PhonePe as a home-grown digital champion preparing for public investment.
Led by founder and CEO Sameer Nigam, PhonePe raised $100 million in 2023 as part of a larger $1 billion funding round, at a pre-money valuation of $12 billion. This round included participation from several prominent global investors.
Walmart remains the company’s largest shareholder. Other major investors include Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent, and the Qatar Investment Authority.
PhonePe's public listing is expected to be one of the biggest fintech IPOs in India, attracting considerable attention from both institutional and retail investors. With a strong user base, robust financial backing, and clear regulatory steps already taken, the company is well-positioned for a successful debut in the stock market.
