- By Aditya Pratap Singh
- Mon, 16 Mar 2026 05:54 PM (IST)
- Source:JND
PhonePe on Monday announced that it has temporarily deferred its listing process, considering the market volatility due to the ongoing war in the Middle East. The FinTech giant said that it would resume the listing process once there is some stability in global and domestic 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, PhonePe's CEO.
Earlier, PhonePe received SEBI approval for its IPO and the company is set to file a draft red herring prospectus (UDRHP), setting the stage for India's most anticipated fintech IPO.
The IPO is reportedly an offer for sale to existing shareholders. PhonePe is leading the digital payments market in India with a market share of over 45% in UPI transactions.
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Middle East War Impact On capital Market
The equity and commodity markets across the world have been facing high volatility since the war between US-Iran and Israel broke out on February 28. The situation worsens when the closure of the Strait of Hormuz disrupts the energy supply crisis, which pushed the Crude Oil Prices par $100. Asian markets, including the Indian equity market have been constantly facing heavy sell-off from foreign investors. The weakening rupee has also put pressure on the Indian market.
Meanwhile, Many IPOs inclusding Rajputana Stainless and Innovision, have witnessed subdued demand amid a highly bearish market.