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Learn about PhonePe’s Draft Red Herring Prospectus (DRHP) filing, business operations, financial context, and the proposed utilisation of funds as outlined in public disclosures.
PhonePe, a leading digital payments and fintech platform in India, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as part of its plan to raise capital through an initial public offering. The DRHP outlines the company’s business profile, operational strengths, financial performance, and the broad structure of the proposed public issue.
The DRHP provides an overview of the proposed IPO and sets out the company’s financials, governance framework, and business outlook.
PhonePe has submitted its Draft Red Herring Prospectus to SEBI in January 2026, marking the formal initiation of its IPO process. The filing is currently under regulatory review, following which SEBI observations and approvals will determine the next stages, including the publication of the Red Herring Prospectus (RHP) and announcement of issue dates. The equity shares are proposed to be listed on recognised stock exchanges in India, subject to regulatory clearances.
As per the DRHP, the proposed PhonePe IPO is expected to comprise the following components:
| Parameter | Details |
|---|---|
Issue Type |
Fresh Issue of Equity Shares + Offer for Sale (OFS) |
Face Value |
To be disclosed in RHP |
Issue Size |
To be determined (finalised after price discovery) |
Proposed Listing |
NSE and BSE |
Price Band |
To be announced in RHP |
Offer Structure |
Mainboard IPO |
Book Running Lead Managers |
To be disclosed |
Registrar to the Issue |
To be disclosed |
These details reflect indicative disclosures available at the DRHP stage and are subject to change based on SEBI observations and final approvals.
PhonePe operates in the digital payments and fintech sector, providing a comprehensive ecosystem of financial services to consumers and merchants across India. The company enables UPI payments, money transfers, bill payments, insurance purchases, and other financial transactions through its mobile application and technology platform.
PhonePe has built a robust merchant ecosystem connecting millions of offline and online merchants to its payments infrastructure. In addition to core payments, the company offers value-added services such as merchant lending, insurance distribution, and financial wellness solutions. Its operations are supported by advanced technology infrastructure, regulatory licences, and compliance with India’s digital payments framework.
According to the DRHP, the proceeds from the fresh issue are proposed to be utilised towards the following broad objectives:
| Fund Allocation | Purpose |
|---|---|
Technology Infrastructure
|
Investment in technology talent, data analytics, AI/ML, and cybersecurity |
Product Development |
Expansion into new fintech and financial services offerings |
Merchant Acquisition & Enablement |
Expansion of merchant ecosystem and digital enablement |
Working Capital |
Supporting operational growth and customer acquisition |
General Corporate Purposes |
Strategic flexibility and administrative requirements |
These objectives aim to strengthen PhonePe’s technology capabilities and support long-term growth in India’s rapidly expanding fintech ecosystem.
The DRHP provides an overview of PhonePe’s financial performance over recent periods, offering insight into its scale and operational context.
| Fiscal Year / Period | Revenue | EBITDA | Profit / (Loss) After Tax |
|---|---|---|---|
FY24 |
As per DRHP |
As per DRHP |
As per DRHP |
FY25 |
As per DRHP |
As per DRHP |
As per DRHP |
H1 FY26 |
As per DRHP |
As per DRHP |
As per DRHP |
*Detailed year-wise financial statements, including audited figures, are available in the DRHP and should be referred to for complete financial information.
The table below summarises the current status of the IPO process based on publicly available information:
| Milestone / Stage | Date (or Status) | Details |
|---|---|---|
DRHP filed with SEBI |
January 2026 |
raft Red Herring Prospectus filed for regulatory review |
SEBI observations |
Awaited |
Subject to regulatory review |
SEBI approval |
Awaited |
Approval required before IPO launch |
Red Herring Prospectus (RHP) |
To be announced |
To be filed post-SEBI observations |
IPO Opening Date |
To be announced |
Final dates awaited |
IPO Closing Date |
To be announced |
To be declared in RHP |
Allotment Date |
To be announced |
Post IPO closure |
Credit to DEMAT Accounts |
To be announced |
Post allotment |
Listing on NSE/BSE |
To be announced |
Subject to approvals |
Note: Investors should refer to official filings for final IPO dates to learn more about Phone Pe IPO listing details and price, and listing timelines.
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
PhonePe filed its Draft Red Herring Prospectus with SEBI in January 2026, initiating the formal IPO regulatory process.
The IPO is currently at the DRHP review stage, with SEBI observations and approvals awaited.
The IPO comprises a fresh issue of equity shares along with an offer for sale (OFS) by existing investors. The final issue size will be determined after price discovery.
Subject to regulatory approvals, PhonePe plans to list its equity shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The proceeds from the fresh issue will be used for technology infrastructure investment, product development, merchant expansion, working capital requirements, and general corporate purposes.
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