PhonePe's CEO Sameer Nigam dismisses firm's IPO reports; 'I had no idea'

Sameer Nigam, the founder and CEO of PhonePe, took a jibe at a media report claiming that his company is likely to apply for an IPO (initial public offering) by calling it "cute." The PhonePe CEO dismissed the reports, tweeting that he had no idea his business was planning to file an IPO. Nigam tweeted, "This is cute. I had no idea my own company is filing an IPO. Perhaps PTI and their 'investment banker' buddies can do the IPO filings and roadshows for us too? Let me know if I can be of any help in the process."

Earlier, on June 15, a PTI report citing investment banking sources stated that PhonePe is exploring collecting cash through a $8-10 billion IPO to extend its financial services portfolio and deepen its core UPI-based payments operations. PhonePe intends to go public if its core businesses become profitable, which it aims to do by 2023, the report further claimed.

Report claimed Phonepe would shortly meet with bankers and legal counsel to begin IPO process

The media report also added that PhonePe, which is part of the Walmart-controlled Flipkart group, would shortly meet with bankers and legal counsel to begin the IPO process. In addition, the business is claimed to have begun arrangements to relocate its registered holding organisation from Singapore to India, emphasising its 'Made in India' credentials.

The PTI report mentioned, "The company will list on Indian stock exchanges as opposed to many startups that prefer to incorporate overseas, primarily Singapore or the US, chasing relatively friendlier tax laws and business regulations there."

Notably, earlier this year, media reports stated that Flipkart intends to float in the United States by 2023, with a valuation of $60-70 billion. Walmart International CEO and President Judith McKenna recently stated that the company is still in favour of Flipkart going public when the timing is appropriate.

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