Razorpay Gets SEBI Approval for IPO, Eyes $5 Billion Valuation

Size and valuation

Razorpay is targeting to raise Rs 5,500-6,500 crore through the offering, according to an Economic Times report. The expected valuation is $5 billion, or roughly Rs 49,000-50,000 crore.

Sources say the company expects to file its final IPO papers before March 2027. Timing, pricing and the exact size of the issue could still change before then.

Why it matters

A Razorpay listing would add one of India's best-known payments companies to the public markets, at a time when Indian fintech and startup founders are watching how investors value listed digital businesses. The confidential filing route, which lets a company submit its draft without making details public at once, has become an option for startups preparing for a listing.

For investors, the approval is a signal that the company has cleared the regulator's initial review. Details such as financials, risk factors and use of proceeds will only become visible once the updated offer document is made public.

The company has not publicly detailed the timeline beyond what sources have indicated, and the final filing before March 2027 will be the next milestone to watch.