Q2. Why is the company raising funds via IPO?

Phonepe is raising funds to fuel deeper expansion across financial services, enhance technology infrastructure, accelerate product innovation

Q3. What is the size of the issue and where will it list?

The issue size of Phonepe IPO is around ₹10,000–₹12,000 crore, with shares proposed to be listed on the NSE and BSE once SEBI clears the final prospectus.

Q4. What are the risks to an investor?

Potential volatility if pricing is aggressive, regulatory shifts in UPI/fintech rules, competitive pressure

Q6. How to apply for the IPO?

You can apply via ASBA through their bank’s net banking or UPI apps (such as PhonePe), or via brokerage platforms.

PhonePe

Upcoming

PhonePe

Market Cap

₹ 83,000 – 1,24,500 Crore

IPO Issue Size

50,660,446 Equity Shares

Expected Price by IPOCorner

₹ 1640 – 2450

IPO Score

*Score varies on actual price

PhonePe is a leading Indian digital payments and financial services platform that enables mobile-first transactions, including peer-to-peer payments, merchant payments, recharges, bill payments, and a suite of financial products. It operates primarily via the Unified Payments Interface (UPI), facilitating seamless digital financial transactions across India’s retail and services ecosystem. The company has filed its DRHP with SEBI were completed via the confidential route in 2025, and the public issue is widely anticipated in 2026.

PhonePe was incorporated in the year 2015 & currently Mr. Sameer Nigam serves as CEO of the company.

It provides UPI-based digital payments, in-app financial services (lending, insurance, mutual funds), QR-based merchant payments, digital recharges/bill payments, and expanded digital ecosystems such as app marketplaces and stockbroking services. As of early 2025 PhonePe has over 600 million registered users and a merchant acceptance network of more than 40 million outlets across India. It holds approximately 47% of UPI transaction volume, making it the single largest UPI player in India.

Subscription date to apply for PhonePe is not yet announced. Price band for the IPO is yet to be declared after public issue.

50,660,446 Equity Shares

Fresh Issue

No Fresh Issue

Offer for Sale

50,660,446 Equity Shares

Year	2025
Networth	₹ 9374.33 Cr
Revenue	₹ 7114.85 Cr
EBITDA	₹ 1477.19 Cr
PAT	₹ -1727.41 Cr
EBITDA Margin	~20.76%
PAT Margin	~ -22.64%
Face Value	Rs.01 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Entirely as Offer for Sale	-
-	-
-	-
-	-
-	-
General Corporate Purpose	Nill

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 2,914	₹ 5,064	₹ 7,115
PAT (₹ Cr)	₹ -2,796	₹ -1,996	₹ -1,727
Asset (₹ Cr)	₹ 11,840	₹ 12,706	₹ 18,205
Net Worth (₹ Cr)	₹ 7,387	₹ 9,324	₹ 9,374

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
08 Aug	₹ –	₹ –	₹ –
07 Aug	₹ –	₹ –	₹ –
06 Aug	₹ –	₹ –	₹ –
05 Aug	₹ –
04 Aug	₹ –

Pros

Dominant UPI market position with near-half share of total transactions.
Massive user base exceeding 600 million with deep merchant penetration.
Broadening revenue streams via financial services beyond payments.
Strong backing by Walmart and global institutional investors.
Positioned for scalable growth as India’s digital economy expands.

Cons

Still narrowing profits with historical net losses reported.
IPO pricing and timing are uncertain, increasing investment risk.
Competitive pressure from Google Pay, Paytm, and other fintechs.
Regulatory caps on UPI market share could constrain dominance.
Profitability depends on monetization of services beyond UPI fees.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
WM Digital Commerce Holdings Pte. Ltd.	71.77%
Tiger Global PIP 9-1 Ltd.	0.20%
Microsoft Global Finance Unlimited Company	0.71%
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	-18.22%
ROCE	-26.52%
RoNW	-18.43%

Lead / Book Running Lead Managers

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited

Registrar (RTA)

MUFG Intime India Private Limited

Q1. What is the business of PhonePe?

It is India’s leading digital payments and financial services platform powering UPI transactions, merchant payments, recharges and a suite of fintech products like lending, insurance and investments, serving hundreds of millions of users nationwide.

Q2. Why is the company raising funds via IPO?
Phonepe is raising funds to fuel deeper expansion across financial services, enhance technology infrastructure, accelerate product innovation
Q3. What is the size of the issue and where will it list?
The issue size of Phonepe IPO is around ₹10,000–₹12,000 crore, with shares proposed to be listed on the NSE and BSE once SEBI clears the final prospectus.
Q4. What are the risks to an investor?
Potential volatility if pricing is aggressive, regulatory shifts in UPI/fintech rules, competitive pressure

Q5. What are the potential upsides?

Potential upsides to invest in the IPO include dominant UPI market leadership, huge user base scale, diversified revenue streams beyond payments, strong backing by global investors, and potential long-term growth in India’s accelerating digital finance adoption.