PhonePe IPO: Why Macquarie notes costs and revenue factors, but views positive potential

February 20, 2026
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PhonePe, backed by Walmart, gets SEBI approval for a $1.3 billion IPO. Tiger Global and Microsoft exit, Walmart retains majority. Macquarie and Bernstein highlight financial and regulatory risks.

PhonePe IPO: Why Macquarie notes costs and revenue factors, but views positive potential

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PhonePe IPO: Why Macquarie notes costs and revenue factors, but views positive potential