Razorpay files confidential IPO papers

Razorpay, an Indian fintech firm, has confidentially filed its Draft Red Herring Prospectus (DRHP) with the India — Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company aims to raise between $500 million and $600 million, with the issue size estimated at ₹5,000-6,000 crore. This move follows Razorpay's strategic decision in May 2025 to shift its parent company's domicile from the United States to India, facilitating a domestic listing. The IPO is expected to include both a fresh issue of shares and an offer-for-sale component from existing investors like Peak XV Partners, GIC (sovereign wealth fund), and Apollo Global Management. Razorpay, founded in 2014 by Harshil Mathur and Shashank Kumar, provides a comprehensive suite of financial services, including payments, banking, payroll, and lending. The company achieved unicorn status in 2020 and serves millions of businesses across India. Investment banks such as Axis Capital Holdings, JPMorgan Chase, Citigroup, Kotak Mahindra Bank, and Goldman Sachs are advising on the deal. The confidential filing allows Razorpay to keep sensitive business information private during the regulatory review process. This development occurs as another major fintech player, Walmart — PhonePe, has temporarily halted its IPO plans due to geopolitical tensions and market volatility.