As PhonePe prepares for its public market debut, the alignment between shareholder exits and business needs comes into focus. Walmart, the US retail giant and controlling shareholder, is set to monetise part of its holding through an IPO structured entirely an Offer for Sale. The listing offers liquidity to existing investors, even as the company continues to post losses and operate under close regulatory supervision.
According to the Draft Red Herring Prospectus (DRHP), Walmart holds 71.77% of PhonePe prior to the offer, giving it effective control…

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