Mega IPO! Walmart-Led PhonePe Files Rs 12,000 Cr IPO Draft; Will It Be Bigger Than Jio, Tata Capital, Groww?

Amidst expectations of mega IPOs like Reliance Jio, Tata Capital, Flipkart, Mesho and Groww among others, Walmart is also prepping to stir rivalry in the IPO market. The largest US retailer-backed popular digital payment app, PhonePe, has reportedly filed for its IPO draft with the market regulator, Sebi. The PhonePe IPO is expected to be a size of a whopping Rs 12,000 crore. Will PhonePe IPO be bigger than the upcoming IPOs?

PhonePe IPO:

PhonePe has reportedly filed its draft papers with Sebi to launch its Rs 12,000 crore initial public offering (IPO). Furthermore, global giants like Walmart, Tiger Global and Microsoft are the three shareholders looking to participate in the offer for sale, which will involve a combined dilution of around 10 per cent stake, sources told MoneyControl.

PhonePe is looking to list on BSE and NSE after its IPO. The draft filing was done through a confidential route.

A confidential IPO is when a company files a draft prospectus for an IPO with the market watchdog SEBI privately. Hence, no public disclosure is made for investors to review the draft red herring prospectus (DRHP), which includes company risks, strategies, outlook, business performances, sector risks and opportunities, and objectives of the IPO.

The IPO dates, equity shares, price band, and important dates will be known in due course.

PhonePe IPO Vs Reliance Jio IPO:

Reliance Jio IPO is much-awaited and anticipated to be the largest IPO in the Indian market's history.

During the 48th annual general meeting (AGM), Reliance Industries chief Mukesh Ambani said Jio could list on the Indian stock market during the first half of 2026. He announced that Jio will soon file its IPO draft.

The upcoming IPO of Reliance Jio is expected to surpass previous records, potentially doubling the size of Hyundai India's public issue from last year. Reports suggest that Jio Infocomm's IPO might be valued at around Rs 52,000 crore, making it the biggest in India and significantly larger than Hyundai India's Rs 28,000 crore IPO.

PhonePe IPO Vs Groww IPO:

PhonePe IPO is likely to be bigger than Groww, which reportedly has updated its own draft papers with Sebi. Groww is reportedly looking to launch its IPO with a size of Rs 6,000 crore to Rs 7,100 crore.

PhonePe IPO Vs Tata Capital IPO:

Unlike Groww, PhonePe's IPO is not expected to be lower than that of the Tata Group-backed NBFC giant, Tata Capital's IPO. The Tata company is likely to launch an IPO of Rs 17,000 crore, which is approximately $2 billion. Promoters of Tata Sons are reportedly going to offload up to 23 crore shares in Tata Capital, while IFC may sell 3.58 crore shares.