Razorpay Eyes IPO, May File Confidential DRHP Next Week
Razorpay may file a confidential DRHP next week for a proposed IPO worth up to $600 million, with the fintech firm reportedly targeting a 2026 stock market debut.
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Fintech firm could raise up to $600 million, in anticipation of a possible listing in 2026.
According to reports, Bengaluru-based fintech major Razorpay is moving closer to the much-awaited initial public offering (IPO) and is planning to take the confidential filing route ahead of the proposed stock market debut.
Razorpay is likely to file a confidential Draft Red Herring Prospectus (DRHP) as early as next week, the report said. The proposed public issue is likely to be priced between $500 million and $600 million, or about ₹4,700 crore to ₹5,700 crore.
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IPO Structure Emerges:
The IPO is likely to be a combination of fresh issue shares and an offer for sale (OFS) and both the components are expected to contribute almost equally to the total issue size, sources cited in the report said.
The fintech firm currently expects to go public at some point in 2026, but the timeline is subject to regulatory approvals and market conditions.
The proposed offering could value Razorpay at between $5 billion and $6 billion, making it one of the most-watched fintech listings in the Indian market, CNBC-TV18 reported.
Investment banking firms Axis Capital, Kotak, JPMorgan and Citi are advising or managing the proposed issue, according to sources.
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IPO Plans Gather Momentum:
Razorpay is one of India’s leading digital payment and banking solution providers for businesses for payments, banking, payroll and financial services.
This confidential filing path, which is increasingly the route of choice for well-known companies, allows companies to submit draft offering documents to regulators without immediately revealing sensitive business and financial information.
The move comes as investor interest in India's fintech space continues to grow with the adoption of digital payment methods and financial technology infrastructure expanding.
