Razorpay Files Confidential IPO Papers With SEBI, Expected Issue Size Around $600 Million

Razorpay has filed a pre-draft red herring prospectus with the Securities and Exchange Board of India (SEBI) through the confidential pre-filing route, formally kicking off its initial public offering (IPO) process.

The Bengaluru-based payments company disclosed through a newspaper advertisement on Monday. The pre-filed document is dated 12 June 2026.

The offering is expected to raise over $500 to $600 million, though the final size could change based on market conditions and investor demand. Shareholders have already approved a fresh issue of up to ₹2,700 crore alongside an offer for sale component. The expected valuation at listing is pegged at $5 to $6 billion, below the $7.5 billion at which the company was last valued in the private market more than four years ago.

Axis Capital, Kotak Mahindra Capital, JPMorgan and Citi have been appointed as bankers for the issue.

The Company And Its Numbers

Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay processes around $180 billion in annual transactions and offers online, offline and cross-border payment services alongside RazorpayX, its business banking platform. Investors include Y Combinator, Peak XV Partners, Lightspeed Venture Partners, Tiger Global and GIC.

Key FY25 Financials

• Revenue: ₹3,783 crore, up 65% YoY from ₹2,296 crore.

• Gross profit: ₹1,277 crore, up 41% from ₹906 crore.

• Net loss: ₹1,209 crore, largely from one-time employee stock ownership expenses, restructuring costs and tax liabilities tied to the domicile shift.

Razorpay completed its reverse flip in May 2025. The company merged its US-based parent entity with its Indian arm, Razorpay Software India. It moved ahead with the restructuring after receiving approvals from the Reserve Bank of India and the Ministry of Corporate Affairs.

The company had also converted into a public limited company ahead of the planned listing. The reverse flip was a prerequisite for listing in India.

Also Read - Stock Market Update 15 June 2026: Indices Soar Over 1% After US-Iran Deal

The Broader Context

The filing arrives as India's startup initial public offering market sees renewed activity. The confidential route, used previously by Swiggy, Zepto and Meesho, allows companies to receive regulatory feedback before making full financial disclosures public.

Sources:

Money Control

CNBC TV18

The Economic Times