Razorpay secures regulatory approval for upcoming initial public offering

The Securities and Exchange Board of India (SEBI) has granted approval for Razorpay’s planned public listing. The company intends to raise between ₹5,000 and ₹6,000 crore, with market analysts projecting a company valuation of approximately $5 billion. The listing is currently anticipated to occur between January and March 2027.

The offering is expected to include both a fresh issue of shares and an offer-for-sale (OFS) component, though the exact division of these shares has not been disclosed. Razorpay submitted its IPO documentation via the confidential filing route in June, marking a shift from the $7.5 billion valuation achieved during the company's 2021 funding round.

Razorpay, which provides payment processing and business banking services, recently completed a relocation of its domicile from the United States to India. While operating revenue grew by 65% year-over-year to ₹3,783 crore in the most recent fiscal year, the company reported a loss, largely attributed to one-time restructuring costs and significant expenditures related to employee stock ownership plans (ESOPs).

The upcoming public offering represents a significant transition for the 2014-founded fintech, as it prepares to enter the public markets after shifting its corporate base.