PhonePe IPO Alert! SEBI Green Signal for India’s ₹12,000 Cr Fintech Giant
The wait is finally over for India’s biggest fintech listing of 2026! PhonePe has received SEBI approval for its much-awaited Initial Public Offering (IPO). This milestone marks the second-largest "New Economy" listing in Indian history, trailing only behind Paytm’s 2021 debut.
Whether you are a seasoned investor or an IPO beginner using the IPO Ji app, this is a "Mainboard" listing you cannot afford to miss.
PhonePe IPO: Key Details at a Glance
According to the latest filings and reports as of January 21, 2026, here is the quick snapshot of the offering:
| Feature | Details |
|---|---|
| Expected Issue Size | Approx. ₹12,000 Crore ($1.35 Billion) |
| Listing Valuation | Targeted at ₹1,37,600 Cr |
| IPO Type | Pure Offer for Sale (OFS) |
| Major Sellers | Walmart, Tiger Global, and Microsoft |
| Market Share | 45% of India's UPI transactions |
PhonePe Limited has filed U-DRHP with Securities and Exchange Board of India, moving a step closer to becoming India’s second-largest fintech listing 📈
Key IPO Details:
- Issue Type: 50,660,446 shares (OFS)
- Retail Portion: 10%
- Face Value: ₹1
- Expected Issue Size: ~₹12,000 Cr
- Listing Target: Mar–Apr 2026
A major milestone for India’s fintech ecosystem!
Why is the PhonePe IPO a Big Deal?
PhonePe isn't just a "payment app" anymore; it’s a financial powerhouse. If you are tracking this on IPO Ji, here are the fundamentals driving the buzz:
- UPI Dominance: With 10 billion monthly transactions, PhonePe is the undisputed king of UPI, holding a 10% lead over its closest rival, Google Pay.
- Path to Profitability: Unlike many startups, PhonePe reported a massive jump in its FY25 financials. Revenue hit ₹7,115 crore (up 40%), and it turned Free Cash Flow positive with ₹1,202 crore.
- The Ecosystem Play: From the Indus Appstore to Share.market (stock broking) and insurance, the company has diversified its revenue beyond just merchant payments.
Investor Note: Since this is a pure Offer for Sale (OFS), the money raised goes to the selling shareholders (like Walmart and Microsoft), not into the company’s treasury. This is often seen as a liquidity event for early backers.
Comparison: PhonePe vs. Fintech Titans (in ₹ Crore)
Understanding how PhonePe’s valuation compares to its listed peers is essential for predicting its potential Grey Market Premium (GMP) and long-term listing gains.
| Company | Status | IPO/Listing Valuation | Current Market Cap (Jan 2026) |
|---|---|---|---|
| PhonePe | Upcoming | ₹1,37,600 Cr ($15B) | — |
| Paytm | Listed | ₹1,83,400 Cr ($20B) | ₹85,150 Cr ($9.3B approx.) |
| Groww | Listed | ₹68,800 Cr ($7.5B) | ₹96,300 Cr ($10.5B) |
| PB Fintech | Listed | ₹55,000 Cr ($6B) | ₹82,550 Cr ($9B) |
How to Apply & Track via IPO Ji
Stay ahead of the crowd by using the IPO Ji app to monitor the live subscription status.
- Check Allotment Status: Use the integrated links for KFintech or Link Intime directly in the app.
- Live Subscription: Watch the QIB, NII, and Retail quotas in real-time.
- Expert Reviews: Read in-depth analysis on whether the $15 billion valuation leaves "money on the table" for retail investors.
📅 What’s Next?
PhonePe is expected to file its Updated DRHP (UDRHP) within the next few days. The actual listing is likely to happen by April 2026. Keep your Demat accounts ready!
