PhonePe, an Indian fintech firm, targeted a valuation between $9 billion and $10.5 billion for its upcoming IPO. The company expected to raise up to $1.05 billion through the offering as Walmart trimmed its stake and Microsoft and Tiger Global completely exited their positions. Portfolio managers noted that the targeted valuation represented a decrease from the $12 billion private valuation the firm secured in 2023 due to ongoing monetization concerns.
