The Walmart-backed digital payments business PhonePe has gone public in anticipation of its eagerly awaited initial public offering (IPO) in India.
The massive UPI payments company located in Bengaluru changed its name from PhonePe Private Limited to PhonePe Limited after an extraordinary general meeting on April 16, according to documents filed with the Registrar of Companies.
A new certificate of incorporation must be issued after the Ministry of Corporate Affairs' Central Processing Center gives its final approval to the alteration.
This structural adjustment is an essential part of the initial public offering (IPO) process by bringing PhonePe into line with the standards needed by businesses wishing to list on Indian stock markets.
