India, Sept. 24 -- Walmart-owned fintech giant PhonePe has pre-filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The company is looking to raise about INR 12,000 Cr ($1.35 Bn) via a complete offer for sale (OFS), Moneycontrol reported, citing sources.

Walmart, Tiger Global and Microsoft are the investors who plan to offload their stakes via the IPO, the report added.

A PhonePe spokesperson confirmed to the publication that the fintech company filed the DRHP via the confidential route.

Earlier this month, Inc42 reported that PhonePe, ahead of filing its DRHP, initiated ESOP buyback worth up to INR 700 Cr to INR 800 Cr which would benefit at least 1,000 employees

The fintech major tur...