“This is cute. I had no idea my own company was filing for an IPO. Perhaps PTI and their ‘investment banker’ buddies can do the IPO filings and roadshows for us too? Let me know if I can be of any help in the process,” Nigam tweeted.
This is cute. I had no idea my own company is filing an IPO. Perhaps PTI and their ‘investment banker’ buddies can… https://t.co/BcXz9pAvmb
— Sameer.Nigam (@_sameernigam) 1655293222000
A PTI report, quoting investment banking sources, had earlier in the day said that PhonePe is considering raising funds through an $8-10 billion IPO for expanding its financial services portfolio and deepening its core UPI-based payments operations.
According to the report, PhonePe plans to go public once its core businesses turn profitable, which it hopes to achieve by 2023. The report also mentioned that PhonePe, part of the Walmart-controlled Flipkart group, will soon engage with bankers and legal consultants to take forward the IPO process.
The startup is also said to have initiated plans to move its registered holding entity from Singapore to India, underlining its ‘Made in India’ credentials.
“The company will list on Indian stock exchanges as opposed to many startups that prefer to incorporate overseas, primarily Singapore or the US, chasing relatively friendlier tax laws and business regulations there,” the report said.
Earlier in the year, media reports had said that Flipkart is also planning to list in the US by 2023 and is eyeing a valuation of $60-70 billion.
Walmart International CEO and president Judith McKenna had recently said that Walmart is still supportive of Flipkart doing an IPO “when the time is right for it”.
