PhonePe Is Said to Seek $1.5 Billion for India IPO

Walmart Inc.’s PhonePe, India’s largest provider of digital payments, is preparing to file preliminary documents for an initial public offering that may raise as much as $1.5 billion, according to people familiar with the matter.

The deal would value the fintech company at about $15 billion, and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, the people said, asking not to be identified because the information is private.