Walmart’s PhonePe Gets Regulatory OK for Indian IPO

Regulators have approved the IPO, Reuters reported Tuesday (Jan. 20),according to sources wiht knowledge of the matter.

Walmart, Microsoft, and tiger Global are anticipated to reduce their stakes in PhonePe during the IPO. PYMNTS reached out to PhonePe for a statement but hasn’t received a response.

PhonePe confidentially filed for its IPO in September. Previous reports indicated the offering could generate up to $1.5 billion and value the company at $12 billion.