Daijiworld Media Network – Mumbai

Mumbai, Mar 17: Walmart-backed fintech giant PhonePe has put its highly anticipated $1.3 billion IPO on hold due to turbulence in global markets, which have fallen around 7% since the West Asia conflict erupted. The company said it will resume the listing process once market conditions stabilise. CEO Sameer Nigam expressed hope for “a swift return to peace in all affected regions” and reaffirmed the firm’s commitment to going public in India.

The delay affects what was set to be the second-largest startup IPO after Paytm’s 2021 listing and a major liquidity event for early investors.

PhonePe’s IPO is structured as an offer-for-sale (OFS), with Tiger Global and Microsoft exiting completely, while parent Walmart, holding 72% of the company, plans to reduce its stake by 10%. Initially targeting an April listing, PhonePe last valued at $12 billion had aimed for a valuation of up to $15 billion — a figure now difficult to achieve amid market instability.

“Some near-term blips in primary market activity are natural given the volatility in secondary markets…companies are being more calibrated on timing but we are not seeing a structural pullback,” said Amit Ramchandani, MD & CEO, investment banking at Motilal Oswal Financial Services.