Razorpay Files Confidential IPO Papers With Sebi, Plans ₹6,000 Cr Issue

Bengaluru-based company Razorpay on Monday moved closer to its stock market debut after confidentially filing draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The proposed issue is expected to raise between ₹5,000 crore and ₹6,000 crore, according to reports. The listing could value the fintech company at around ₹50,000 crore to ₹60,000 crore.

The filing comes months after Razorpay completed the process of shifting its parent company's domicile from the United States to India, a move widely seen as preparation for a domestic stock market listing.

The company had started the reverse-flip process in 2023 and formally moved its parent entity to India in 2025.

IPO Plans Moving Ahead

Razorpay has opted for the confidential filing route that allows it to file draft papers with Sebi without having to disclose detailed financial, operational and business information straightaway.

The mechanism has gained popularity among companies looking to maintain flexibility during the IPO process while keeping sensitive information private until a later stage.

As per reports, the fintech company’s public issue is said to be over $500 million but the final size and valuation will depend on market conditions and regulatory approval.

The filing signals that Razorpay is moving ahead with its public market plans even as uncertainty continues to influence investor sentiment globally.

The company move comes at a time when rival fintech company PhonePe has temporarily put its IPO plans on hold.

PhonePe reportedly paused its listing process amid heightened market volatility linked to tensions in West Asia. The company was said to be targeting a valuation of about $15 billion and a fundraising of roughly $1.5 billion through its planned share sale.

Business And Investors

Razorpay helps businesses accept online payments through multiple options, including Unified Payments Interface (UPI), credit and debit cards, net banking, digital wallets and buy now, pay later services.

The company earns money by charging merchants a fee on each transaction processed on its platform. Over time, it has also expanded into payment processing, settlements and other related business services.

The firm is backed by major investors including Peak XV Partners, Tiger Global Management, Ribbit Capital, Matrix Partners, Lightspeed Venture Partners, TCV, GIC and Y Combinator.

With the confidential filing in place, it is now a step closer to its stock market listing in India.