Why no one wants to sell the PhonePe stock?

New Delhi: PhonePe’s upcoming IPO, set to be among India’s largest public offerings in 2026, reveals an unusual pattern - while the company heads to market, virtually no shareholders are rushing to exit.

The Facts Behind The Offer For Sale:

The IPO is structured as an Offer for Sale (OFS), with majority shareholder Walmart divesting approximately 9 per cent of its stake. However, this sale is primarily driven by regulatory requirements rather than investment strategy.

SEBI mandates a minimum public float of around 10per cent for listed companies, making Walmart’s partial divestment necessary to enable the IPO itself.

Beyond Walmart, only two other shareholders are participating in sales, Tiger Global (0.2 per cent) and Microsoft (0.7per cent). Notably, all other minority shareholders have chosen not to sell any shares in the IPO.