Razorpay Files Draft Papers With SEBI Via Confidential Route For Rs 5,700-Crore IPO

Razorpay IPO: Razorpay has filed a confidential Draft Red Herring Prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) for its $600-million (approximately Rs 5,700 crore) initial public offering, sources confirmed to NDTV Profit. The much-anticipated maiboard public issue of the new-age tech firm will comprise a fresh issue of shares worth $300 million alongside an offer for sale (OFS) of an equal amount, allowing the existing investors to dilute their stakes.

In a public notice on Monday, fintech said it has filed "the pre-filed draft red herring prospectus with SEBI and the stock exchanges... in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".  The confidential filing route allows companies to submit draft offer documents to SEBI for review without immediately disclosing sensitive business information to the public.

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Razorpay IPO Details

The Bengaluru-based digital payments giant is targeting a valuation of $5-6 billion from the public market debut and is looking to list on the bourses before the end of the current calendar year, as per sources. To manage the listing, the Y Combinator and Peak XV-backed fintech has appointed Axis Capital, Citigroup, Goldman Sachs, JP Morgan, and Mahindra Capital as the lead bankers.

The confidential filing marks the culmination of a rigorous preparatory phase for the startup. In May 2025, Razorpay successfully completed a complex 'reverse flip'-relocating its corporate domicile and global headquarters from the United States back to India-specifically to clear the regulatory pathway for a domestic listing. The momentum gathered pace in April this year when the company received formal approval from its shareholders to raise funds through a fresh issue of equity.

Razorpay attained unicorn status in 2020 and has since expanded beyond payments into a broader financial services ecosystem for businesses. Its offerings enable merchants to manage collections, payouts, payroll, cash flows and access to capital through a single platform. The company serves millions of businesses across India, ranging from startups and small and medium enterprises to large corporates.

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Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers payment acceptance, banking, payouts, payroll, lending and other financial services through an integrated platform. Razorpay is backed by a marquee roster of global private equity and venture capital investors, including Peak XV Partners, GIC, Tiger Global Management, Y Combinator, Salesforce Ventures, and Lightspeed Venture Partners. Many of these early backers are expected to participate in the OFS component of the offering.

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