Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe </a>(PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.</li>
<li>PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.
PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.
In this note, we talk about the positive aspects of the deal.


Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>PhonePe has reported Rs. 7,115 crores in FY25 revenue (up 40%) and achieved positive Adjusted EBIT for the first time. Recent secondary transactions valued the entity at approximately $14.5 billion.</li>
<li>With a 49% UPI market share, PhonePe faces a critical "regulatory ceiling" by December 31, 2026, forcing an aggressive pivot toward high-margin lending, insurance, and wealth management.</li>
<li>While its scale is unmatched, the upcoming IPO's success hinges on proving that its "Growth Flywheel" can convert massive traffic into sustainable, diversified bottom-line profits beyond zero-margin UPI.</li>
</ul>


PhonePe has reported Rs. 7,115 crores in FY25 revenue (up 40%) and achieved positive Adjusted EBIT for the first time. Recent secondary transactions valued the entity at approximately $14.5 billion.
With a 49% UPI market share, PhonePe faces a critical "regulatory ceiling" by December 31, 2026, forcing an aggressive pivot toward high-margin lending, insurance, and wealth management.
While its scale is unmatched, the upcoming IPO's success hinges on proving that its "Growth Flywheel" can convert massive traffic into sustainable, diversified bottom-line profits beyond zero-margin UPI.


PhonePe: A $15 Billion Flywheel Gearing Up for India’s Second-Largest Fintech IPO

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Ltd (1732974D IN)</a> is looking to raise up to US$1.35bn in its India IPO, which will be run by Axis, Citi, GS, Jefferies, JPM, JM Fin, Kotak and MS.</li>
<li>PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.</li>
<li>According to Redseer, PPL was India’s largest digital payments platform, with sustained market leadership from Dec'20-Sep'25, in terms of number of transactions and total payments value for customer-initiated UPI transactions.</li>
</ul>



Phonepe Ltd (1732974D IN) is looking to raise up to US$1.35bn in its India IPO, which will be run by Axis, Citi, GS, Jefferies, JPM, JM Fin, Kotak and MS.
PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.
According to Redseer, PPL was India’s largest digital payments platform, with sustained market leadership from Dec'20-Sep'25, in terms of number of transactions and total payments value for customer-initiated UPI transactions.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe</a> is looking to list on the Indian exchanges with pre-IPO investors looking to sell 50.66m shares at a valuation of US$13.1bn and raising around US$1.3bn in the IPO.</li>
<li>The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in September.</li>
<li>The stock should be added to the Large Cap segment in the AMFI Classification in July and to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> in September.</li>
</ul>



Phonepe is looking to list on the Indian exchanges with pre-IPO investors looking to sell 50.66m shares at a valuation of US$13.1bn and raising around US$1.3bn in the IPO.
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in September.
The stock should be added to the Large Cap segment in the AMFI Classification in July and to the NSE Nifty Next 50 Index in September.


PhonePe IPO: Limited Float & Index Inclusion Timeline

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.</li>
<li>Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.</li>
<li>The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.</li>
</ul>


India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.
Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.
The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.


Reverse Flip: Why Indian Startups Are Coming Back Home Again?

India

Phonepe Private Limited designs and develops application software. The Company offers digital payments, recharge mobile, data cards, make utility payments, buy gold and shop online and offline, tickets, and other related service through application. Phonepe serves customers in India.

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Phonepe Pvt Ltd (1732974D IN)

Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

PhonePe: A $15 Billion Flywheel Gearing Up for India’s Second-Largest Fintech IPO

PhonePe's revenue grows 40% to Rs. 7,115 crores, achieves positive EBIT for first time, valued $14.5 billion. Facing regulatory ceiling, pivots...

Sudarshan Bhandari

Aequitas: PhonePe Pre-IPO Tearsheet

PhonePe Ltd (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. The deal will be run by Axis, Citi, GS, Jefferies, JPM, JM Fin,...

Akshat Shah

PhonePe IPO: Limited Float & Index Inclusion Timeline

Phonepe's IPO could raise US$1.3bn and value the company at US$13.1bn. Index inclusions could start in September and the stock will be added to the...

Brian Freitas

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

PhonePe: A $15 Billion Flywheel Gearing Up for India’s Second-Largest Fintech IPO

​PhonePe's revenue grows 40% to Rs. 7,115 crores, achieves positive EBIT for first time, valued $14.5 billion. Facing regulatory ceiling, pivots...

Sudarshan Bhandari

Aequitas: PhonePe Pre-IPO Tearsheet

PhonePe Ltd (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. The deal will be run by Axis, Citi, GS, Jefferies, JPM, JM Fin,...

Akshat Shah

PhonePe IPO: Limited Float & Index Inclusion Timeline

Phonepe's IPO could raise US$1.3bn and value the company at US$13.1bn. Index inclusions could start in September and the stock will be added to the...

Brian Freitas

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

​Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

PhonePe's revenue grows 40% to Rs. 7,115 crores, achieves positive EBIT for first time, valued $14.5 billion. Facing regulatory ceiling, pivots...

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.