PhonePe founder and CEO Sameer Nigam has rubbished a media report which claimed that the funds start-up is planning to file an Preliminary Public Provide (IPO). Quoting the rpeort, Nigam stated he had no thought about his personal firm going for an IPO.
“That is cute. I had no thought my very own firm was submitting for an IPO. Maybe PTI and their ‘funding banker’ buddies can do the IPO filings and roadshows for us too? Let me know if I might be of any assist in the method,” Nigam tweeted on Wednesday.
The report, revealed by information company PTI earlier at the moment, had said that PhonePe is contemplating elevating funds by way of an $8 billion-$10 billion IPO. The company had attributed the data to funding banking sources.
The report added that PhonePe is launching its IPO to develop its monetary providers portfolio and deepen its core United Funds Interface (UPI)-based funds operations. The report added that the corporate will quickly have interaction with bankers and authorized consultants to take ahead the IPO (Preliminary Public Providing) course of.
The PTI report additional said that PhonePe initiated plans to maneuver its registered holding entity from Singapore to India, underlining its ‘made in India’ credentials. It additionally famous that board has already ratified the proposal to maneuver the holding firm to India.
“The corporate will listing on Indian inventory exchanges versus many startu-ps that favor to include abroad, primarily Singapore or the US, chasing comparatively friendlier tax legal guidelines and enterprise rules there,” the report had additional added.
PhonePe was based by ex-Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, and was acquired by Flipkart in 2016. In 2018 Flipkart was acquired by Walmart, and PhonePe was a part of the transaction as nicely.
Additionally learn: PhonePe prepping for IPO; goals for $8-10 bn valuation: Report