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Walmart-backed PhonePe targets up to 10.5 billion valuation in India IPO: Report.
PhonePe plans to go public at a valuation between $9 billion and $10.5 billion.
KEY POINTS
- Walmart will reduce its stake by about 12% during the IPO, while Tiger Global and Microsoft plan full exits.
- The IPO will not issue new shares, focusing instead on existing investors selling around 50.7 million shares.
- PhonePe's losses increased to $158 million in six months, despite a 22% revenue rise.
- PhonePe's IPO valuation is lower than its previous $12 billion private market valuation in 2023.
COMPANIES
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