PhonePe Ltd. has put its highly anticipated IPO on hold due to the ongoing Iran war's impact on investor sentiment and the wider stock market.
The fintech firm, controlled by Walmart Inc., was reportedly seeking a valuation of $9 billion-10.5 billion in the IPO, a discount to its $12-billion valuation in 2023.
Walmart plans to offload about 12% of its stake in the PhonePe IPO, allowing investors Tiger Global and Microsoft Corp. to exit.
The Iran war's impact on India's stock market is evident, with Indian companies raising $1.5 billion in the current quarter, a $0.8 billion contraction from the same period last year.
