{"id":87860,"date":"2026-03-18T00:00:00","date_gmt":"2026-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=87860"},"modified":"2026-03-18T10:34:21","modified_gmt":"2026-03-18T10:34:21","slug":"phonepe-pulls-back-as-jio-presses-ahead-with-ipo-plans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/18\/phonepe-pulls-back-as-jio-presses-ahead-with-ipo-plans\/","title":{"rendered":"PhonePe pulls back as Jio presses ahead with IPO plans"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"> <strong>India\u2019s primary market is witnessing a high-stakes split as geopolitical volatility and a 7% dip in benchmark indices force a reckoning for major listings.<\/strong> While Walmart-backed PhonePe has indefinitely shelved its IPO citing \u201cdampened investor appetite,\u201d Reliance Industries is moving in the opposite direction, with Jio Platforms preparing to file for what would be the largest initial offering in Indian history.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\"> PhonePe pauses IPO plans amid market volatility<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Walmart<\/strong><strong> and QIA backed digital payments platform <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.phonepe.com\/\">PhonePe<\/a><\/strong><strong> has paused plans for an IPO<\/strong> as geopolitical tensions and volatility in global financial markets dampen investor appetite for new listings, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/walmart-backed-phonepes-india-pauses-ipo-plans-amid-geopolitical-tensions-market-2026-03-16\/\">Reuters<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Share sale:<\/strong> The listing had been targeting a valuation of up to INR 872 bn (USD 10.5 bn).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">The offering was expected to involve the sale of about 50.7 mn shares by existing investors including venture capital firm Tiger Global Management, Walmart and Microsoft. QIA, which <a target=\"_blank\" href=\"https:\/\/www.livemint.com\/companies\/start-ups\/phonepe-raises-350-mn-at-12-billion-valuation-11674153696332.html\">has previously participated<\/a> in the company\u2019s funding rounds, is not selling its stake for now. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gulf expansion: <\/strong>The company has incorporated PhonePe Middle East FZ-LLC in Dubai Media City, signalling plans to enter the Gulf payments market. The subsidiary has applied to the Central Bank of the UAE for licences covering retail payment services and stored-value facilities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>What\u2019s next? <\/strong>PhonePe intends to revive the listing process once market conditions stabilize. India\u2019s benchmark stock index has declined roughly 7% since the conflict began. If completed, PhonePe\u2019s listing would rank among the largest fintech IPOs in India since 2021.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Market backdrop:<\/strong> The cautious environment has also weighed on India\u2019s primary market. Of the 11 companies that have gone public in India this year, seven are trading below their issue price. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\"> Jio Platforms eyes March IPO filing<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gulf SWF backed<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.jio.com\/platforms\/\">Jio<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.jio.com\/platforms\/\">platforms<\/a><\/strong><strong> \u2014 the telecom unit of Indian conglomerate <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ril.com\/\">Reliance Industries<\/a><\/strong> <strong> \u2014 is preparing to file draft IPO papers by the end of March<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-17\/jio-tells-bankers-it-may-file-ipo-prospectus-as-early-as-march?srnd=phx-india-v2\">Bloomberg<\/a> reports, citing people familiar with the matter. This will be the largest listing in India\u2019s history. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gulf SWFs including <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invest-12b-usd-jio-platforms\">Mubadala<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesindia.com\/article\/special\/abu-dhabi-investment-authority-partners-with-jio-for-116-stake\/59917\/1\">Abu Dhabi Investment Authority<\/a><\/strong><strong> are among Jio Platforms\u2019 investors<\/strong>, positioning them within the pool of shareholders eligible to participate in the proposed share sale.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Investor exit: <\/strong>The offering is expected to be structured largely as a secondary share sale by existing investors, with Jio planning to dilute around a <a target=\"_blank\" href=\"https:\/\/www.hindustantimes.com\/business\/reliance-accelerates-plans-for-jio-ipo-drhp-likely-in-the-next-2-3-weeks-101773804262424.html#google_vignette\">2.5% stake<\/a>. The final size and structure remain under discussion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Lead advisors<\/strong>: Kotak Mahindra Capital and Morgan Stanley India are likely to take lead roles in the transaction, alongside a broader syndicate of domestic and international banks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Valuation range: <\/strong>Market expectations place the potential listing in the INR 8.3-10 tn (USD 100-120 bn) range, with some broker estimates indicating higher upside. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>What\u2019s next? <\/strong>The IPO could take place later in 2026, although the exact timing remains under discussion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">ALSO IN IPOs-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Coal India subsidiary <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cmpdi.co.in\/en\">Central Mine Planning &amp; Design Institute<\/a><\/strong><strong> (CMPDI) is seeking a valuation of about USD 1.33 bn as its IPO opens for subscription on Friday<\/strong>, at a time when investors have become more selective toward new listings in India, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/coal-india-unit-central-mine-planning-seeks-133-billion-valuation-ipo-opens-2026-03-16\/\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Key details: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.chittorgarh.net\/reports\/ipo_notes\/cmpdil_rhp.pdf\">offer is priced<\/a> in a band of INR 163-172 per share and is expected to raise about INR 18.38 bn (USD 198.7 mn). At the upper end, the implied market capitalization is around INR 123 bn (USD 1.33 bn). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Advisors: <\/strong>IDBI Capital Markets &amp; Securities and SBI Capital Markets are acting as the book running lead managers to the issue, while KFin Technologies Limited is the registrar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Geopolitical volatility and weaker market conditions are reshaping India's IPO pipeline, with PhonePe pausing plans while Jio Platforms moves toward a potential listing<\/p>\n","protected":false},"author":1,"featured_media":87861,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2420],"tags":[2522,2498,2402,2731,2419,2689,2676,2960],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-adia","tag-capital-markets","tag-enterpriseam-india","tag-india-focus","tag-ipo-watch","tag-jio-platforms","tag-reliance","tag-walmart","wpautop","entry"],"acf":{"mongo_id":"3231ed6d-9b37-4a49-9414-69f42790167b","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/3\/999.jpg","photo_position":"above","homepage_title":"","full_issue_title":"India IPO pipeline splits as PhonePe pauses, Jio readies filing","related_issue":[87854],"teaser":"Geopolitical volatility and weaker market conditions are reshaping India's IPO pipeline, with PhonePe pausing plans while Jio Platforms moves toward a potential listing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PhonePe pulls back as Jio presses ahead with IPO plans - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/18\/phonepe-pulls-back-as-jio-presses-ahead-with-ipo-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PhonePe pulls back as Jio presses ahead with IPO plans\" 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