PhonePe hits pause on IPO as Iran war roils primary market sentiment

PhonePe on Monday said it has temporarily deferred its public market listing plans amid ongoing geopolitical conflicts and heightened market volatility, adding that it will resume the process once stability returns to global capital markets.

“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” said Sameer Nigam, CEO of PhonePe.

Also Read | Market volatility puts upcoming IPOs in a wait-and-watch mode


PhonePe Limited (formerly PhonePe Private Limited) is a technology company that builds digital platforms for payments, digital distribution and financial services. Headquartered in India, the PhonePe digital payments app was launched in 2016. As of September 30, 2025, the platform had over 65 crore registered users and a digital payments acceptance network spanning more than 4.7 crore merchants.

The company’s offerings include consumer and merchant payments, digital distribution services, as well as lending and insurance distribution. Its newer platforms include Share.Market, a stock broking and mutual fund distribution platform, and Indus Appstore, an Android-based mobile app marketplace.

Heightened volatility in equities amid the escalating conflict in West Asia is also prompting several companies planning initial public offerings (IPOs) in the coming weeks to pause and reassess their launch timelines.

Companies are weighing whether to proceed at lower valuations or wait for market conditions to stabilise.

“Companies are preferring to take a more tactical approach on whether to proceed or hold back,” said Bhavesh Shah, managing director and head of investment banking at Equirus Capital. “Investor sentiment has made issuers more calibrated about launch windows and pricing.”

According to Prime Database, 141 companies currently have regulatory approvals, valid for a year from the date of clearance, to collectively raise about Rs 1.64 lakh crore through IPOs. Of these, at least 80 companies still have a window of three to nine months to launch their issues, though bankers remain cautious about investor appetite for new listings if secondary markets remain volatile.