India, Feb. 26 -- Walmart-owned PhonePe has reportedly picked four investment banks to advise on its upcoming initial public offering (IPO) as the company in India prepares to enter the domestic tech IPO space, aiming for a valuation of up to $15 Bn.

As per Moneycontrol's report, citing industry sources, the company is planning to initiate the IPO process in the first week of March, bringing onboard Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as its advisors. Additional advisors may be added later if necessary.

The IPO is likely to be a combination of primary and secondary issuance of shares, with the listing expected in FY26, another source added.

The company was valued at $12 Bn, following its funds raised in 2023.

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