PhonePe IPO listing plan paused amid rising US-Iran war tensions, stock market volatility: Report
PhonePe has paused its public listing plans due to geopolitical conflicts and market volatility. CEO Sameer Nigam expressed hope for stability and a return to peace, reaffirming the company's commitment to listing in India.
PhonePe IPO: PhonePe has temporarily put its listing plans on hold due to ongoing geopolitical conflicts in the Middle East and heightened volatility in global markets, according to a PTI report. The company said it will resume the process once stability returns to the capital markets.
“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” Sameer Nigam, CEO of PhonePe, was quoted as saying by PTI.
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 more than 65 crore registered users and a digital payments acceptance network spread across over 4.7 crore merchants.
PhonePe IPO Details
PhonePe, the Walmart-controlled fintech company, was reportedly targeting a valuation of $9-10.5 billion for its proposed IPO. That implied a discount to the $12 billion valuation at which the company had raised $100 million in 2023.
According to its draft red herring prospectus, Walmart plans to sell around 12% stake through the IPO. The offer is expected to provide an exit route to investors, including Tiger Global and Microsoft. Together, the selling shareholders plan to offload 50.7 million shares in the issue, with no fresh equity issuance planned.
PhonePe remains the dominant player in India’s UPI ecosystem, with more than 48% market share by transaction value. Based on the latest NPCI data cited, the company processed 9.8 billion transactions in December alone.
The company has also delivered steady revenue growth in recent years, supported by multiple income streams, while continuing to improve its financial performance. Its draft prospectus also highlighted a sharp contrast in adjusted EBITDA performance between the core PhonePe platform and its newer platform business.
Impact of US-Iran war on Indian Markets
Benchmarks Sensex and Nifty 50 have lost over 7% each since the start of the US-Iran war. The conflict has entered its third week, and the trade through the Strait of Hormuz, a vital artery for global oil and gas shipments, has come to an effective halt.
US President Donald Trump said Washington is in contact with Iran but expressed doubt that Tehran is prepared for serious negotiations to end the conflict. Furthermore, a rise in crude oil prices to above $105 currently have also raised supply disruption concerns. Many experts expect it to hit $150 if the war continues.
FPIs have also sold Indian equities worth ₹52,704 crore since March 1. This comes after inflows worth ₹22,615 crore in the previous month. Overall, in 2026 so far, FPIs have been net sellers worth ₹66,051 crore of Indian equities.
Against this backdrop, global brokerages Citi and Nomura have also slashed their targets for the Nifty 50 index to 27,000 and 24,900, respectively. They cited that rising risks to growth and corporate earnings, such as surging oil prices and supply shocks from the escalating Middle East war, have darkened the outlook for Asia's third-largest economy.
Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.
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