Bengaluru-based fintech Razorpay filed its draft red herring prospectus with SEBI on 15 May, outlining plans to raise INR 6,750 crore through a fresh issue of shares, according to inc42.com.
The eight-year-old payments gateway began informal conversations with investment banks in January and appointed Morgan Stanley, ICICI Securities and Kotak Mahindra Capital as book-running lead managers last month, inc42.com reported. The company, last valued at USD 7.5 billion in its December 2021 Series F round, will use the proceeds to augment capital base, fund inorganic growth and meet future financial requirements, the filing shows.
Razorpay’s move adds to a lengthening queue of Indian startups eyeing public markets in 2026, joining Delhivery, Pharmeasy and Nykaa who have already submitted papers, inc42.com data indicates. The proposed issue size is the largest among fintech IPO aspirants this year, exceeding Pine Labs’ INR 5,000 crore draft filed in March, and comes at a time when digital payments volumes crossed 100 billion transactions in FY25, according to RBI statistics cited by inc42.com.
SEBI’s observations on the draft are expected by mid-July, after which the company will launch roadshows in Singapore, Hong Kong and London, inc42.com has learnt. Razorpay aims to list on the NSE and BSE before Diwali, subject to market conditions, and will finalise pricing within the INR 1,450-1,550 per share band suggested by its bankers, the same report added.