India, Jan. 22 -- PhonePe Ltd. has updated its draft papers for what's set to India's biggest initial public since at least October 2025, but a clear timeline for listing wasn't immediately available.

On offer in the PhonePe IPO are 5.07 crore shares, which will be offloaded by existing shareholders including Walmart Inc. and Tiger Global Management, according to the updated draft red-herring prospectus seen by Bloomberg. That pegs the size of the PhonePe IPO at $1.5 billion (~ Rs.13,500 crore) for valuation of about $15 billion, according to people Bloomberg spoke with.

When it goes on the floors, the PhonePe IPO will be India's largest IPO since Tata Capital Ltd.'s $1.7 billion share sale in October. While Indian companies are rushing...