Razorpay moves closer to market debut with confidential IPO filing
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Fintech major Razorpay has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
The size of the IPO is likely to be in the range of ₹5,000 crore to ₹6,000 crore.
The listing could value the Bengaluru-based fintech company at between ₹50,000 crore and ₹60,000 crore.
In 2025, the fintech firm shifted the domicile of its parent company from the United States to India, effectively reverse-flipping itself in preparation for an IPO in the country.
Under the confidential route, companies can submit their draft offer documents without publicly disclosing business, operational or financial information that could be deemed sensitive.
Razorpay initiated the process of moving its parent entity to India from the US in May 2023 ahead of its plans to list on the bourses.
The firm is backed by investors such as Peak XV Partners, Tiger Global Management, Ribbit Capital, TCV, Matrix Partners, Lightspeed Venture Partners and others.
The filing comes at a time when another fintech major, PhonePe, has temporarily paused its listing proceedings, citing the conflict in West Asia and heightened market volatility.
PhonePe was reportedly seeking to raise about $1.5 billion at a valuation of around $15 billion.
It was among the first companies in India to defer its IPO as concerns grew over a potential market rout stemming from the conflict in West Asia. The company is also navigating challenges around pricing the issue at its desired valuation ahead of the planned public listing.
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