Fintech unicorn Razorpay is likely to file a confidential Draft Red Herring Prospectus (DRHP) within a week for a $600-million (approximately Rs 5,700 crore) initial public offering, sources told NDTV Profit.
The much-anticipated public issue will comprise a fresh issue of shares worth $300 million alongside an offer for sale (OFS) of an equal amount, allowing existing investors to dilute their stakes.
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, according to the people cited above.
To manage the listing, Razorpay has appointed Axis Capital, Citigroup, Goldman Sachs, JP Morgan, and Mahindra Capital as the lead bankers.
Razorpay did not immediately respond to a request for comment from NDTV Profit.
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The upcoming 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 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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