Walmart to Sell 12% of PhonePe Stake in $900M–$1.05B IPO at $9–10.5B Valuation
Walmart plans to reduce its stake in PhonePe by about 12% through a secondary share sale as the Indian payments unit targets a $9 billion–$10.5 billion IPO valuation raising $900 million–$1.05 billion. Tiger Global and Microsoft will join Walmart in selling 50.7 million shares with no new issuance as PhonePe aims to list by April.
1. PhonePe sets IPO valuation target
PhonePe is planning an initial public offering valuing the company at $9 billion–$10.5 billion, aiming to raise approximately $900 million–$1.05 billion through a secondary share sale without issuing new shares.
2. Walmart and partners reduce holdings
Walmart will reduce its stake in PhonePe by about 12%, while Tiger Global and Microsoft will collectively sell 50.7 million existing shares, enabling shareholders to monetize their holdings.
3. IPO timeline and market conditions
PhonePe aims to complete the IPO by April, though the schedule could change based on capital market conditions and geopolitical developments.