New Delhi: Fintech major PhonePe has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) and will soon file its Updated Draft Red Herring Prospectus (UDRHP), sources familiar with the development said on Tuesday.

The IPO will be entirely an Offer for Sale (OFS) by existing shareholders, with no fresh capital being raised through the issue, the sources added.

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PhonePe currently leads India’s digital payments ecosystem, commanding over 45 per cent market share in UPI transactions. According to NPCI data, the company processed 9.8 billion transactions in December 2025.

For FY25, PhonePe reported revenue of Rs 7,115 crore, registering a 40 per cent year-on-year growth. The company also turned free cash flow positive, generating operating cash flow of Rs 1,202 crore, while adjusted profit after tax (excluding ESOP costs) more than tripled to Rs 630 crore.

PhonePe’s public listing is expected to set a key benchmark for India’s digital payments sector and could open the door for more fintech unicorns to enter capital markets.

Markets slide as Sensex, Nifty drop over 1% on global jitters

Mumbai: Benchmark equity indices Sensex and Nifty tumbled more than 1 per cent on Tuesday, tracking weak global cues and heavy selling in market heavyweights amid rising geopolitical concerns.

The 30-share BSE Sensex plunged 1,065.71 points, or 1.28 per cent, to close at 82,180.47. The index had touched an intraday low of 82,010.58. The NSE Nifty dropped 353 points, or 1.38 per cent, to settle at 25,232.50.

Reliance, Bajaj Finance, M&M, Sun Pharma, InterGlobe Aviation and Asian Paints were among the major losers, while HDFC Bank ended as the lone gainer.

Foreign institutional investors sold equities worth Rs 3,262.82 crore on Monday, while domestic institutional investors bought shares worth Rs 4,234.30 crore, exchange data showed.

Market sentiment remained weak amid a slide in Asian and European equities and concerns over fresh tariff threats by US President Donald Trump, analysts said.