Walmart’s digital payment company PhonePe has converted itself from a private to a public company ahead of the IPO (Initial Public Offer). The company has changed its name from PhonePe Private Limited to PhonePe Limited in the general meeting of promoters on April 16.
PhonePe has given this information in the document sent to the Registrar of Companies (RoC). This process is part of the legal process required for listing in the Indian stock market. PhonePe started planning the IPO in February.
The company is considering bringing an IPO at a valuation of around $15 billion (Rs 1.28 lakh crore). For this, Kotak Mahindra Capital, JP Morgan and Morgan Stanley have been appointed as advisors.
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Approval will be received from the Ministry of Corporate Affairs
The change in the name of the company is yet to get approval from the Central Processing Center of the Ministry of Corporate Affairs. The IPO process will move forward after the new Certificate of Incorporation is issued.
Headquarters shifted from Singapore to India for IPO
Earlier, the company shifted its headquarters from Singapore to India in December 2022. Along with this, the company divided its non-payment business into separate subsidiary companies.
Generated revenue of ₹5,064 crore in FY 2024
In FY23-24, the company’s revenue grew by 73% to Rs 5,064 crore. The company had a profit of Rs 197 crore in 2024 as against a loss of Rs 738 crore in 2023.
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