New Delhi, Jan. 20 -- Walmart-backed Indian payments firm PhonePe has received regulatory approval for its stock market listing after confidentially filing draft papers with the market regulator in September, a person with direct knowledge of the development told Mint on Tuesday.

The initial public offering (IPO) will not include a fresh issue of shares. Existing investors, including Walmart, Microsoft and Tiger Global, are expected to participate as selling shareholders, with the offer for sale likely to be around 10%, the person said.

PhonePe is expected to file its updated draft red herring prospectus on the Securities and Exchange Board of India (Sebi) website in the next few days. Details on valuation and pricing are yet to be fina...