PhonePe is heading to the public markets as India’s largest UPI player. On 21 January, the company made its IPO papers public, setting up one of the most closely watched fintech listings in years. PhonePe dominates transaction volumes, but it is listing after Paytm, whose 2021 IPO reshaped how investors value payments companies. Since then, Paytm’s stock has fallen sharply from its debut even as its business has evolved.

PhonePe is seeking a valuation premium while still reporting losses and facing pressure on some revenue streams. As investors weigh scale against profitability, one question looms.

Will Paytm's market memory still decide PhonePe’s IPO price?

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