New Delhi, Sept. 24 -- 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...