PhonePe employees get IPO boost as ESOPs vest ahead of potential listing
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PhonePe employees get IPO boost as ESOPs vest ahead of potential listing PhonePe employees are already seeing a potential IPO benefit, with 47.09 lakh vested stock options exercised ahead of a proposed listing. Walmart's stake fell to about 73% after the exercises, while the company recorded a $0.7 billion non-cash charge. By Yoosef K September 16, 2026, 5:10:43 PM IST (Published) 3 Min Read With the proposed introduction of a merchant discount rate (MDR) on large UPI transactions from next month, the buzz around a potential restart of PhonePe Ltd's IPO is building again. But even ahead of a possible listing, PhonePe employees have already emerged as beneficiaries, with several exercising their vested stock options as the company moves closer to going public. PhonePe had 12,338 employees as of September 2025, and its employee stock-option programme could give a larger pool of employees an opportunity to participate in the value creation from a potential public listing. Walmart's latest annual filing shows that its ownership in PhonePe fell from approximately 84% as of January 31, 2025, to about 73% as of January 31, 2026, following the vesting and exercise of certain employee-held options, including some previously vested awards. "During fiscal 2026, PhonePe modified certain share-based payment arrangements in contemplation of a potential IPO. Following the modification...
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