Walmart-owned fintech unicorn PhonePe filed draft papers with SEBI for its IPO through the confidential pre-filing route, with plans to raise ₹10,000–12,000 crore via a pure offer for sale (OFS), according to people aware of the matter.

Shareholders including Walmart , Tiger Global and Microsoft are expected to participate in the OFS, which will see a combined stake dilution of around 10%, the people added, requesting anonymity.

“PhonePe Limited has filed the Pre-filed Draft Red Herring Prospectus with SEBI and the Stock Exchanges, under Chapter IIA of the SEBI ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main board of the Stock Exchanges (“Offer”). We will not be making any further comments at this stage in connection with th

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