Razorpay begins IPO process with confidential Sebi filing

Razorpay has confidentially filed draft red herring prospectus papers with the Securities and Exchange Board of India and the stock exchanges, formally beginning the process for an initial public offering, according to reports published on June 15, 2026.

The filing is the clearest public sign yet that the Bengaluru-based fintech is moving ahead with a long-anticipated listing. Because Razorpay used the confidential route, the draft documents are not fully public at this stage.

The Economic Times reported that the company is seeking to raise Rs 5,000 crore to Rs 6,000 crore through the offering. A separate ET report on the same day said Razorpay had filed confidentially with Sebi but did not include the issue size.

IPO process begins

The confidential filing marks the formal opening of one of India’s most closely watched startup listings. Razorpay has been preparing for a public market debut for months, and earlier reporting in March said the company’s IPO plans were on track.

That earlier update did not amount to a filing, but it showed the process was progressing. By June 15, Razorpay had crossed the regulatory threshold by submitting papers through Sebi’s confidential route.

The confidential route is designed to keep offer details out of the public domain while regulators review the draft documents. In practical terms, that means the public does not yet have access to the full issue structure, valuation or other terms that may later appear in a public version of the filing.

Why it matters

Razorpay is one of India’s best-known fintech and payments companies, and any listing would be closely watched by startup investors, employees and the broader market. The move also adds momentum to the pipeline of Indian startup IPOs.

The company completed a reverse flip to India earlier in 2026 ahead of a planned public listing, a step that had already signaled that it was preparing for the public markets. Earlier reporting also said Razorpay had chosen investment bankers to help manage the process.

Founders Harshil Mathur and Shashank Kumar remain central to the company’s market story as it moves into regulatory review. The filing, however, does not yet confirm the final offer structure, valuation or timing.

What happens next

The next stage will depend on how Sebi reviews the confidential filing and whether Razorpay later discloses a public version of the offer documents. The company has not yet issued a public statement confirming the filing or the reported fundraising range.

For now, the filing gives the strongest indication yet that Razorpay intends to pursue a listing. The remaining open questions are the final issue size, the implied valuation and the timetable for any IPO launch.