PhonePe IPO: Walmart to cut 9% stake, Microsoft, Tiger Global to exit

Bengaluru-based PhonePe has filed an updated draft red herring prospectus for its IPO, detailing a pure offer-for-sale of up to 5.06 crore shares. This move will see a partial exit for major backer Walmart and a full sell-down by early investors Microsoft and Tiger Global. The company has received in-principle approval to list on the BSE and NSE.