PhonePe in no hurry to launch IPO

NEW DELHI: PhonePe is in no hurry to launch its IPO and will go public “when it makes sense” for the company, even as a number of Indian internet companies, including rival Paytm, line up to mark their debut on Dalal Street in the coming months.

The company has just “scratched the surface” when it comes to financial services and is excited about the prospects in multiple verticals like insurance, PhonePe CEO Sameer

Nigam told reporters here on Thursday. “We have never been in a hurry to get to an IPO. I think this company is in a sector, we are already regulated heavily, and we are getting deeper into financial services. So I think it’s a foregone conclusion that the right answer for PhonePe some day is to become a public listed company...I’m not committing to an IPO date,” he said.

He added that the company will think about the IPO “when it makes sense and there’s a reason for it”. “Markets are cyclical, but I think good solid companies will always find a willing market...Do I have any FOMO (fear of missing out) to go IPO, for any reason other than the governance part of it, zero. I will keep saying that every time people ask me, I don’t care when a competitor goes public, I wish everyone the best of luck,” he added.

Zomato had made a stellar debut on the Dalal Street in July with its shares zooming nearly 53% against the issue price of ₹76, and its market valuation crossing the ₹1-lakh-crore mark. Recently, CarTrade also made its debut on the stock market.