- Razorpay and Sembcorp Green Infra received SEBI approval to launch their IPOs in India
- Razorpay's IPO size is estimated between Rs 5,000-6,000 crore, details remain undisclosed
- Sembcorp Green Infra plans a Rs 3,750 crore fresh share issue with no offer-for-sale
Razorpay Software Ltd and Temasek-backed Sembcorp Green Infra Ltd have received the Securities and Exchange Board of India's (SEBI) approval to launch their initial public offerings (IPOs), marking a significant step towards their entry into the domestic stock market.
According to an update on SEBI's website, the regulator issued its final observations to Razorpay on November 3 and Sembcorp Green Infra on November 13. The clearances allow both companies to proceed with preparations for their public issues, subject to regulatory requirements.
Razorpay, which filed its draft IPO papers through the confidential route in June, has not disclosed the proposed issue size. However, people familiar with the matter estimate the offering could be in the range of Rs 5,000-6,000 crore.
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Founded in 2014 by Harshil Mathur and Shashank Kumar, the fintech company has expanded beyond its core payment gateway business into a broader financial services platform. Its offerings include payment acceptance, banking, payouts, payroll, lending and other services catering to businesses ranging from startups to large corporates.
The company attained unicorn status in 2020 and counts Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV among its investors.
Razorpay opted for the confidential filing route, which allows companies to seek regulatory feedback on their draft offer documents without immediately making sensitive business information public.
Sembcorp Green Infra, the Indian renewable energy arm of Singapore-based Sembcorp Industries and a Temasek portfolio company, plans to raise Rs 3,750 crore through an entirely fresh issue of shares. There is no offer-for-sale (OFS) component.
According to its draft offer documents, the proceeds will primarily go towards repaying or prepaying, in full or in part, certain outstanding borrowings of the company and its identified subsidiaries.
The proposed fundraising is aimed at strengthening its balance sheet as the company expands its renewable energy portfolio.
As of March 31, 2026, Sembcorp Green Infra had 3.60 GW of operational capacity and approximately 4.04 GW/GWh under construction. Its portfolio comprised 105 projects across 13 states and union territories, spanning wind, solar, hybrid and battery energy storage projects.
The company's financial performance also improved in FY26. Revenue from operations increased to Rs 2,652.50 crore from Rs 2,318.29 crore in FY25, while net profit rose to Rs 371.08 crore from Rs 298.83 crore. EBITDA grew to Rs 2,098.73 crore from Rs 1,837.12 crore.
Sembcorp Green Infra is wholly owned by Sembcorp Industries, which is backed by Singapore's state investor Temasek.
Axis Capital, Citigroup Global Markets India, HSBC Securities, ICICI Securities, Kotak Mahindra Capital, CLSA India and IIFL Capital Services are managing Sembcorp's proposed issue.
Earlier this month, Nasdaq-listed travel booking platform MakeMyTrip's Indian subsidiary also received SEBI's approval for its maiden public offering.
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