New Delhi, Feb. 13 -- Following the recent approval from the Securities and Exchange Board of India (SEBI), PhonePe has submitted its Updated Draft Red Herring Prospectus (UDRHP), moving closer to its much-anticipated public listing. The company, which first provided confidential IPO documents in September 2024, is now expected to enter the market soon.

As outlined in the UDRHP, the public offering will feature an offer for sale (up to 50,660,446 equity shares), led by the primary shareholder Walmart along with other prominent investors such as Tiger Global and Microsoft.

PhonePe asserts that it represents the achievement of India's Digital Public Infrastructure (DPI) model, often referred to as the India Stack-an open digital framework...