Walmart-owned digital payments and financial services major PhonePe has filed draft papers with market regulator Sebi for a mega IPO via the confidential pre-filing route and is looking to raise around Rs 12,000 crore ( $1.35 bn) through a pure OFS or offer for sale, multiple industry sources in the know told Moneycontrol on the condition of anonymity.

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, the industry sources added.

An email query has been sent to PhonePe, Tiger Global and Microsoft but an immediate response could not be elicited from them. Phone calls and text messages to PhonePe remained unanswered at the time of publishing this article. This art

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