India, Jan. 22 -- PhonePe Bengaluru-based company, has submitted an updated draft red herring prospectus for its highly anticipated initial public offering (IPO) to the market regulator SEBI, refining the details of its upcoming stock market debut.

In the revised draft prospectus, dated January 21, the digital payments company stated that the IPO would be a pure offer-for-sale of up to 5.06 crore shares, with no new capital being raised. The equity shares are intended to be listed on both the National Stock Exchange of India Ltd and the Bombay Stock Exchange Ltd.

Walmart, Microsoft, and Tiger Global to Sell Shares in PhonePe Walmart, through its unit WM Digital Commerce Holdings, is offering the majority of the shares, representing appr...