Walmart-backed PhonePe pauses IPO amid tensions
Walmart-backed Indian fintech firm PhonePe has temporarily paused its plans for an initial public offering (IPO), citing geopolitical tensions and volatility in global capital markets. The company said it will resume the listing process once market conditions stabilize.
PhonePe operates India’s most popular digital payments app and had been targeting a valuation between $9 billion and $10.5 billion for its IPO. Walmart, Tiger Global, and Microsoft had planned to sell about 50.7 million shares in the offering, reducing their stakes, while PhonePe itself was not issuing any new shares, News.Az reports, citing Reuters.
“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” said Sameer Nigam, PhonePe’s CEO.
RECOMMENDED STORIES
The decision comes as ongoing conflict in the Middle East has shaken global market sentiment, adding uncertainty for companies planning major fundraising moves.
By Aysel Mammadzada
Similar news
