Walmart will trim ​its stake in PhonePe by about 12% in the Indian payments firm's much-anticipated initial public offering, while ⁠Tiger Global and Microsoft plan to exit their stakes, according to updated draft papers dated Wednesday.

PhonePe, ⁠which competes ‌with Google Pay and Paytm in India, had received regulatory approval for its stock market listing after confidentially filing for an IPO in September, Reuters ⁠reported on Tuesday, citing sources.

It aims to list by mid-2026, a source told Reuters last September.

Walmart, which holds an about 72% stake in PhonePe, is selling nearly 46 million shares in the IPO, while smaller shareholders Tiger Global and Microsoft are fully ⁠exiting their stakes, the updated draft ​red herring prospectus showed.

The three firms will together sell around 50.7 million shares in the offering. PhonePe will not ‍issue any new shares in the IPO and will not receive proceeds from the sale.

PhonePe's IPO plan comes ​amid buoyant Indian primary markets, where fundraising hit a record high in 2025. India ranked as the world's

second-largest

primary market in 2025 after the United States, with 367 IPOs raising $21.8 billion, according to LSEG-compiled data.

The company is the leading payments platform on India's popular unified payments interface (UPI), commanding more than 45% market share by transaction volume, as of December 2025.

PhonePe's loss widened to 14.44 billion rupees ($157.80 million) in the six-month period ended September 30, from 12.03 billion rupees a year ago, while revenue rose about 22% to 39.18 billion rupees, the filing showed.

The ⁠company has more than 657 million registered users and offers payment ‌solutions to over 47 million merchants.

In 2024, India delayed the rollout of market-share caps on UPI, providing a boost to PhonePe and Google Pay, which dominate the payments platform.

Kotak ‌Mahindra Capital, Goldman ⁠Sachs, JPMorgan, Citi, Morgan Stanley and Jefferies are among the book-running lead managers for the offering.

 

($1 = 91.5100 ⁠Indian rupees) (Reporting by Gursimran Kaur in Bengaluru; Editing by Sherry Jacob-Phillips)