Ahead of its mega IPO (initial public offering), fintech major PhonePe has transitioned from a private firm to a public company, according to reports.
As per a report by Moneycontrol, PhonePe has informed about the development to Registrar of Companies (RoC).
Entrackr reported that the company informed the same in a regulatory filing with the RoC.
“The members are hereby informed that, as one of the prerequisites for the process of initial public offering, the company is required to convert into a public limited company under the Companies Act, 2013,” Entrackr quoted PhonePe as saying in its regulatory filing.
The name of the company will now be changed from “PhonePe Private Limited” to “PhonePe Limited,” the company decided in its extraordinary general meeting on April 16.
Livemint could not independently verify the authencity of the reports but has reached out to a PhonePe representative to confirm the same. The article will be updated as soon as an official comment is received.
The change of name for PhonePe will have to be approved by the Central Processing Centre, Ministry of Corporate Affairs with the issuance of a fresh certificate of incorporation, the company said.
PhonePe IPO: Preparations on
In December 2022, when PhonePe shifted its domicile from Singapore to India, incurring a tax payment of approximately ₹8,000 crore to the government, becoming the first Indian company to make the move.
The Walmart-backed company had started its IPO preparation in February this year.
The company’s valuation reached $12 billion in its most recent funding round conducted in 2023.
“The company is commencing preparatory steps in connection with its potential IPO and plans to list on Indian exchanges. This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year, and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions,” PhonePe said in a statement.
On February 27, CNBC TV18 reported that PhonePe appointed four merchant bankers—JP Morgan, Citi India, Morgan Stanley, and Kotak Mahindra Capital—to manage its initial public offering (IPO).
PhonePe could aim to raise billions for a valuation of up to $15 billion, as per a report by Moneycontrol. However, the PhonePe IPO details have not been officially disclosed yet.
In its annual report, the company stated that the decision was driven by its strong belief that, as a homegrown and highly regulated Indian fintech firm, it should eventually go public on Indian stock exchanges.
