Prior to its large IPO (initial public offering), Fintech’s main phone call Phope has been reportedly transformed from a private company to a public company.
According to a report by MoneyControl, PhonePe has informed the company’s registrar (ROC) of its development projects.
Entrackr reports that the company informed the ROC of this in regulatory filings.
“Members are hereby notified that as one of the prerequisites of the IPO process, companies must be converted to public limited companies under the Company Act of 2013,” Entrackr said in a regulatory filing.
The company’s name will now be changed from “Phonepe Private Limited” to “Phonepe Limited” which the company decided at an extraordinary general meeting on April 16.
Livemint cannot independently verify the identity of the report, but has contacted a PhonePe representative to confirm the same situation. The article will be updated immediately after receiving a formal comment.
The company said that in the event of issuing a new company certificate, it will have to be approved by the Central Machining Center of the Department of Corporate Affairs to change it.
Phonepe IPO: Prepare
When Phonepe moved its residence from Singapore to India in December 2022, the tax revenue was approximately ₹80 million governments became the first Indian company to take action.
The Walmart-backed company began preparations for IPOs in February this year.
The company’s valuation reached $12 billion in the latest funding round in 2023.
“The company is starting preparation steps related to its potential IPO and plans to go public on the Indian Exchange. This marks an important milestone for the company, which will celebrate its 10th anniversary this year and has grown into hundreds of millions of customers with innovative financial services and technology solutions,” PhonePe said in a statement.
On February 27, CNBC TV18 reported that PhonePe appoints four businessman bankers – JP Morgan, Citi India, Morgan Stanley and Kotak Mahindra Capital – to manage its initial public offering (IPO).
According to a report by MoneyControl, Phonepe’s goal is to raise billions of dollars in valuations at a valuation of up to $15 billion. However, the details of PhonePe IPO have not been officially disclosed.
The company said in its annual report that the decision was driven by its strong belief that as a local and highly regulated Indian fintech company, it should eventually be publicized on the Indian Stock Exchange.
