'I had no idea': PhonePe CEO Sameer Nigam denies report on company's IPO plan
The report, published by news agency PTI citing sources had stated that PhonePe is considering raising funds through an $8 billion-$10 billion IPO.
- Jun 15, 2022,
- Updated Jun 15, 2022 10:43 PM IST
PhonePe founder and CEO Sameer Nigam has rubbished a media report which claimed that the payments start-up is planning to file an Initial Public Offer (IPO). Quoting the rpeort, Nigam said he had no idea about his own company going for an IPO.
"This is cute. I had no idea my own company was filing for 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," Nigam tweeted on Wednesday.
The report, published by news agency PTI earlier today, had stated that PhonePe is considering raising funds through an $8 billion-$10 billion IPO. The agency had attributed the information to investment banking sources.
The report added that PhonePe is launching its IPO to expand its financial services portfolio and deepen its core United Payments Interface (UPI)-based payments operations. The report added that the company will soon engage with bankers and legal consultants to take forward the IPO (Initial Public Offering) process.
The PTI report further stated that PhonePe initiated plans to move its registered holding entity from Singapore to India, underlining its 'made in India' credentials. It also noted that board has already ratified the proposal to move the holding company to India.
"The company will list on Indian stock exchanges as opposed to many startu-ps that prefer to incorporate overseas, primarily Singapore or the US, chasing relatively friendlier tax laws and business regulations there," the report had further added.
PhonePe was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, and was acquired by Flipkart in 2016. In 2018 Flipkart was acquired by Walmart, and PhonePe was part of the transaction as well.
Also read: PhonePe prepping for IPO; aims for $8-10 bn valuation: Report
PhonePe founder and CEO Sameer Nigam has rubbished a media report which claimed that the payments start-up is planning to file an Initial Public Offer (IPO). Quoting the rpeort, Nigam said he had no idea about his own company going for an IPO.
"This is cute. I had no idea my own company was filing for 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," Nigam tweeted on Wednesday.
The report, published by news agency PTI earlier today, had stated that PhonePe is considering raising funds through an $8 billion-$10 billion IPO. The agency had attributed the information to investment banking sources.
The report added that PhonePe is launching its IPO to expand its financial services portfolio and deepen its core United Payments Interface (UPI)-based payments operations. The report added that the company will soon engage with bankers and legal consultants to take forward the IPO (Initial Public Offering) process.
The PTI report further stated that PhonePe initiated plans to move its registered holding entity from Singapore to India, underlining its 'made in India' credentials. It also noted that board has already ratified the proposal to move the holding company to India.
"The company will list on Indian stock exchanges as opposed to many startu-ps that prefer to incorporate overseas, primarily Singapore or the US, chasing relatively friendlier tax laws and business regulations there," the report had further added.
PhonePe was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, and was acquired by Flipkart in 2016. In 2018 Flipkart was acquired by Walmart, and PhonePe was part of the transaction as well.
Also read: PhonePe prepping for IPO; aims for $8-10 bn valuation: Report