New Delhi, Sept. 25 -- US retailer Walmart Inc.-owned Indian payments firm PhonePe has filed draft papers for an initial public offering (IPO) via the confidential pre-filing route, the fintech said in a statement on Wednesday. "The company has filed the pre-filed draft red herring prospectus ("PDRHP") with the Securities and Exchange Board of India, BSE, and National Stock Exchange in relation to the IPO of its equity shares, under Chapter IIA of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018," the statement said. "The filing of the PDRHP shall not necessarily mean that the company will undertake the IPO," it added. PhonePe is expected to raise Rs.11,000-12,000 crore largely through an offer for sale, according to a person close to the development. Moneycontrol was the first to report that the fintech has filed the draft papers. The offering will have a mix of offer for sale and fresh issue, with the latter forming only a minor portion of the overall size, the person added. The company has been gearing up for a public listing for several months. In February, it appointed JP Morgan, Citi India, Morgan Stanley, and Kotak Mahindra Capital as merchant bankers to manage the IPO. In April, it transitioned from a private firm to a public company. It also restructured itself. In 2022, it shifted its domicile from Singapore to India, becoming the first Indian company to do so. The move involved a tax payment of about Rs.8,000 crore to the Indian government. Earlier this week, it reported revenue in excess of Rs.7,000 crore and narrower losses for 2024-25, according to filings with the ministry of corporate affairs. On a consolidated basis, revenue from operations rose 41% to Rs.7,148.6 crore in 2024-25 from Rs.5,064.1 crore in 2023-24. While costs continued to grow, the pace was slower than the top-line expansion, helping PhonePe cut its consolidated loss after tax to Rs.1,727.4 crore from Rs.1,996.2 crore a year ago....