PhonePe IPO Listing Plan Halted Amid Escalating US-Iran Tensions and Market Volatility

PhonePe IPO Plans Temporarily Put on Hold Due to Global Market Volatility

Overview

PhonePe, a Walmart-controlled fintech company, has placed its initial public offering (IPO) plans on hold due to ongoing geopolitical conflicts and heightened volatility in global markets. The company will restart the IPO process once stability returns to capital markets.

Background

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PhonePe, formerly known as PhonePe Private Limited, is a technology company that builds digital platforms across payments, digital distribution, and financial services. Headquartered in India, the company launched its digital payments app in 2016. As of September 30, 2025, PhonePe had over 65 crore registered users and a digital payments acceptance network spread across over 4.7 crore merchants.

IPO Details

The proposed IPO was reportedly targeting a valuation of $9 billion-$10.5 billion, implying a discount to the $12 billion valuation at which the company had raised $100 million in 2023. Walmart plans to sell around 12% stake through the IPO, alongside other major investors such as Tiger Global and Microsoft. The public issue will consist of an offer for sale of up to 50,660,446 equity shares, with no fresh equity issuance planned.

Market Performance

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The Indian stock market benchmark indices, Sensex and Nifty 50, swung between gains and losses on Monday, March 16 amid mixed global cues. Crude oil prices remained above $100 per barrel, and investors watched for the latest developments in the US-Iran war, which has entered its third week. Volatility is likely to remain high amid elevated crude oil prices and uncertainties due to the prolonged Middle East conflict.