Razorpay Files Confidential IPO Papers With Sebi, Eyes Public Listing

Razorpay has submitted a confidential Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi), moving closer to launching its initial public offering (IPO). The proposed issue is expected to be in the ₹5,000 crore-₹6,000 crore range, according to reports.

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The Bengaluru-headquartered fintech company is likely to seek a valuation of ₹50,000 crore to ₹60,000 crore through the public offering, making it one of the most closely watched IPO candidates in India’s financial technology sector.

Confidential Filing Route

The company has opted for SEBI’s confidential filing mechanism, which allows firms to submit draft offer documents without immediately disclosing detailed financial, operational and business information to the public.

This route has gained traction among companies preparing for listings as it offers greater flexibility while preserving commercially sensitive information during the initial stages of the approval process.

Reverse Flip Completed Ahead Of Listing

The filing from Razorpay comes after the company completed its exercise of corporate restructuring, which was meant to domicile the corporate parent in India from the United States. The company began the move in May 2023 and finalized it by 2025 as part of the preparations for listing in the local stock exchange.

Using the reverse-flip structure has helped the financial technology company domicile its business operations alongside its market of operation before going public.

Backed By Global Investors

Razorpay counts several prominent global investment firms among its shareholders, including Peak XV Partners, Tiger Global Management, Ribbit Capital, TCV, Matrix Partners and Lightspeed Venture Partners.

The company operates in the digital payments and financial services space and has expanded its offerings beyond payment processing into banking and business financial solutions over the years.

Fintech IPO Activity In Focus

The filing comes at a time when activity in India’s fintech IPO market remains under close watch. Another big fintech player, PhonePe, has apparently decided to delay its plans to list due to concerns about market volatility following developments in West Asia.

It was reported earlier that PhonePe planned an IPO where it would be able to collect around $1.5 billion at a valuation of approximately $15 billion. However, PhonePe has decided to delay this plan until further notice.
Razorpay’s filing comes as another important moment for the Indian startup ecosystem as investors will be carefully observing their progress through the regulatory review process before their public offer.