PhonePe IPO Details
PhonePe Limited filed its draft red herring prospectus with SEBI on 24 Sep 2025 and Sebi Approval received on 20 Jan 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- SEBI Approved
- DRHP filed
- 24 Sep 2025
- SEBI Approval
- 20 Jan 2026
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
PhonePe IPO status
PhonePe Limited filed its draft red herring prospectus (DRHP) with SEBI on and SEBI Approval received on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 24 Sep 2025 |
|---|---|
| Days since filing | 402 |
| SEBI observation | 20 Jan 2026 |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not Less Than 75% of the Net Issue |
| Retail Investors | Not More Than 10% of the Net Issue |
| Non-Institutional | Not More Than 15% of the Net Issue |
PhonePe Limited financials
Between 31 Mar 2024 and 31 Mar 2025, Income rose from ₹5,722.2 Cr to ₹7,631.38 Cr, and profit after tax rose from -₹1,996.17 Cr to -₹1,727.41 Cr. The PAT margin for 31 Mar 2025 was -22.64%.
| Period ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 23,178.95 | 18,205.23 | 12,706.48 | 11,840.28 |
| Total Income | 4,174.51 | 7,631.38 | 5,722.20 | 3,083.43 |
| Profit After Tax | -1,444.42 | -1,727.41 | -1,996.17 | -2,796.07 |
| EBITDA | -878.00 | -881.00 | -1,541.40 | -2,432.70 |
| Net Worth | 9,539.02 | 9,374.34 | 9,324.12 | 7,387.24 |
| Reserve & Surplus | 9,624.27 | 9,464.84 | 9,410.97 | 7,474.81 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| ROE % | -18.22 | -23.52 | -57.96 |
| ROCE % | -26.52 | -32.44 | -45.11 |
| RoNW % | -18.43 | -21.41 | -37.85 |
| Pat Margin % | -22.64 | -34.88 | -90.68 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| PhonePe Limited | 1 | — | -37.46 | -37.46 | -18.43% | 182.79 |
| One 97 Communic ations Limited | 1 | — | -10.35 | -10.35 | -4.41% | 235.59 |
Notes
Basic (loss) per equity share (in ₹) is calculated by dividing the Profit/ (loss) for the period/year by the weighted average number of equity
shares computed in accordance with Ind AS 33 Earnings per share.Diluted (loss) per equity share (in ₹) is calculated by dividing the Profit/ (loss) for the period/year by the weighted average number of equity
shares adjusted for effect of dilution computed in accordance with Ind AS 33 Earnings per share.Net asset value per equity share (in ₹) is defined as net worth as on March 31, 2025 divided by outstanding number equity shares and such
number of equity shares which will result upon exercise of vested options under various employee stock option plans.Return on Net worth (%) is calculated as Profit/ (loss) for the year divided by net worth as on March 31, 2025
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to utilize the Offer Proceeds for the following Objects.
| Sr | Objective |
|---|---|
| 1 | The PhonePe Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders. |
About PhonePe Limited
PhonePe Limited was incorporated as FX Mart Private Limited on December 18, 2012 and was subsequently renamed PhonePe Private Limited before being converted into a public limited company and renamed PhonePe Limited on May 1, 2025.
PhonePe is an India-headquartered technology company that builds digital platforms across Payments, Digital Distribution Services and Financial Services. The PhonePe digital payments app was launched in 2016 and has grown to become India’s largest digital payments platform in terms of Total Payment Value (TPV) for customer-initiated UPI transactions.
The company operates the PhonePe Platform, through which it provides Consumer Payments, Merchant Payments, Lending Distribution and Insurance Distribution services. It also operates Share.Market, its stock broking and mutual fund distribution platform, and Indus Appstore, an Android-based mobile application marketplace.
As of September 30, 2025, PhonePe had 657.56 million registered users, 237.75 million monthly active customers and 47.19 million registered merchants. Its merchant acceptance network extends across India.
As of September 30, 2025, PhonePe had 12,338 employees and 19,356 contract employees. Its contract workforce primarily supports merchant acquisition, payment-device deployment and merchant lending distribution and services.
PhonePe follows a platform-led strategy, using its large digital payments ecosystem as a foundation to expand into financial services and other consumer technology businesses.
Promoters
WM Digital Commerce Holdings Pte. Ltd.
Walmart International Holdings Inc.
Contact details
PhonePe Limited
Office-2, Floor 5, Wing A, Block A,
Salarpuria Softzone, Bellandur Village,
Varthur Hobli, Outer Ring Road, Bangalore South,
Bangalore Urban, Karnataka, 560103
Email:compliance.officer@phonepe.com
Tel: +91 80 6910 470
Website:http://www.phonepe.com/
PhonePe IPO FAQs
- Has PhonePe IPO filed for an IPO?
- PhonePe Limited filed its draft red herring prospectus (DRHP) with SEBI on 24 Sep 2025.
- When will the PhonePe IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the PhonePe IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.