New Delhi, Feb. 2 -- After receiving approval from the Securities and Exchange Board of India (SEBI), PhonePe has submitted its Updated Draft Red Herring Prospectus (UDRHP), advancing its much-anticipated public listing.

The firm had originally filed confidential IPO documents in September 2024 and is now expected to enter the market shortly.

As outlined in the UDRHP, the public offering will include an offer for sale of up to 50,660,446 equity shares, led by its main stakeholder Walmart along with other prominent investors like Tiger Global and Microsoft.

PhonePe dominates the UPI market in India, capturing more than 48% of the market share based on transaction value, having processed 9.8 billion transactions just in December, accordi...