FonePay is in work to bring its initial public offering (IPO). The company’s Chief Executive Officer (CEO) Diwas Sapkota said that they are preparing for the issuing of its first public investment.
FonePay has tied NMB Capital as a consultant and will use its expertise and capabilities for issuing its first-ever IPO. With this deal, NMV Capital will help PhonePe make the necessary preparations for its IPO. After the completion of the preparatory work, Phonepay will issue the IPO for the general public after obtaining the necessary approval from the regulatory body.
Sapkota, FonePay CEO who signed the agreement with NMB Capital said that the agreement make them more comfortable in its attempt to draw in public investment.
“Rather than just issuing ordinary shares, we have tried to inspire and set a benchmark for other companies in Nepal working in the technology sector. We are partnering with NMB Capital to provide the support and guidance we need to achieve this dream,” he said.
The leading payment system operator has been a driver of the digital payment system of Nepal. It allows users of mobile banking apps and digital wallets to scan and pay through the QR codes scanning a QR code.
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When will FonePay IPO come?
Regarding the IPO announcement date, Sapkota said, “FonePay is a public limited company. We are preparing for its IPO. The foundation work has begun. As to when exactly, we are yet to determine the fixed date for the IPO announcement.”
Similarly, the digital payment king boasts over 1 crore, 70 lakh mobile banking app users, and digital wallet users who use FonePay’s payment service.
FonePay has expanded to all the local levels of seven provinces across Nepal. It remains one of the key reinforcers of the digital economy envisioned in the Digital Nepal Framework. Also read: Kantipur Television IPO Worth Rs.75 Million Launching Soon!
It won’t be an overstatement to emphasize that it has transformed our way of payment behavior. People are more dependent on virtual money (money stored in apps) than physical cash these days.
FonePay has over 11 lakh merchants in its network. The PSO is responsible for transactions worth over Rs 5 billion a day. Over 60 banks and financial institutions are in FonePay’s network.
Will you be eager to put your money into the leading PSO in the country? Do share in the comments below.