New Delhi, Jan. 23 -- Following the recent approval from the Securities and Exchange Board of India (SEBI), PhonePe has submitted its Updated Draft Red Herring Prospectus (UDRHP), moving closer to its highly anticipated public listing. The company, which initially filed confidential IPO papers in September 2024, is now expected to debut on the markets soon.

As per the UDRHP, the public offering will be an offer for sale, led by majority shareholder Walmart alongside other prominent investors such as Tiger Global and Microsoft.

PhonePe dominates India's UPI landscape with more than 48 per cent market share by value, processing 9.8 billion transactions in December alone, according to recent data from the NPCI. The company has posted rapid...