New Delhi, Jan. 22 -- PhonePe has refiled its updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI), setting the stage for a public listing structured entirely as an offer for sale (OFS). The move marks a pivotal moment, not just for PhonePe, but for India's maturing fintech ecosystem.

Unlike earlier startup-era IPOs that leaned heavily on fresh capital infusion, PhonePe's proposed public issue involves 5.06 crore equity shares being sold by existing shareholders. There is no fresh issue component, meaning the company itself will not receive any proceeds from the offering.

At the centre of the transaction is promoter WM Digital Commerce Holdings, owned by Wal-Mart International Holdings Inc....