Foreign parents cash out via India IPOs: PhonePe, Coca-Cola bottler, Carlsberg line up $26B in OFS exits
Global firms have repatriated ~$5B since 2024 using India's IPO boom as an exit route rather than fundraising vehicle. Walmart's $1B PhonePe float, MTG's $335M gaming spin-off, plus Coca-Cola and Carlsberg India listings are routed as offers-for-sale, pressuring a rupee already down 13% amid $23B FPI outflows YTD.
What happened
PhonePe · Foreign parents are using India IPOs as offer-for-sale exits rather than fundraising, repatriating ~$5B since 2024. Upcoming OFS-route listings
Key facts
- $5 billion repatriated
- $1 billion PhonePe IPO
- $335 million MTG IPO
- 367 listings in 2025
- $21.8 billion raised
- $26 billion pending IPOs
- rupee down 13% since 2024
- $23 billion FPI outflows YTD
Why this matters
With $26B in parent-led OFS exits queued, expect a wave of newly independent India units open to strategic partnerships, secondary stake sales, or M&A as foreign sponsors disengage.