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Market cap overhang a challenge for potential listing: PhonePe

Wed, 28 August 2024

21:39

File image

Walmart-backed fintech major PhonePe on Wednesday said the market cap overhang is a challenge for the potential listing of the company and can not go to the market based on the current numbers and market share.

He also said the company plans to enter the European market in the next five years.

It may be mentioned here that the National Payments Corporation of India proposed a 30 percent market cap limit for third-party application providers in November 2020.

While the policy had an original deadline of December 31, 2022, it was extended to December 2024.

The NPCI is expected to announce a final decision by the end of 2024.

"As far as going public is concerned, the market cap overhang is definitely a problem for us. I feel nervous going into the market where there's a 30 per cent market cap lurking or looming," PhonePe CEO Sameer Nigam said on Wednesday at a session during the Global Fintech Fest in Mumbai.

"I don't want to go public based on today's numbers and market share until I can actually look you in the eye and say, buy my shares. This company is going to be able to grow from here." -- PTI

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