Bengaluru-based fintech Razorpay has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), CNBC-TV18 reported, in what would be one of the largest public issues by an Indian payments company. Entrackr has also reported that the regulator's approval has come through.

Source: CNBC-TV18 via TradingView

According to sources cited by CNBC-TV18, the company is looking to raise Rs 5,500-6,500 crore through the IPO and is targeting a valuation of around $5 billion (roughly Rs 49,000-50,000 crore). Razorpay had confidentially filed its draft offer papers with SEBI in June 2026 under the regulator's confidential pre-filing route, which allows companies to submit documents without publicly disclosing sensitive business and financial information.

Source: CNBC-TV18 via TradingView

Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi have been appointed as bankers for the proposed IPO, the reports said. No listing date, opening date or price band has been officially announced by Razorpay or confirmed by SEBI, and reports suggest a market debut in early 2027, possibly as early as December 2026 if conditions allow.

Source: IPO Market (Entrackr report summary)

Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay is among India's largest payment companies, offering payment processing and banking solutions to businesses, and competes with PayU, Cashfree Payments, Pine Labs, PhonePe and Paytm. Its consolidated revenue rose 65 percent year-on-year to Rs 3,783 crore in FY25, from Rs 2,296 crore in FY24, CNBC-TV18 reported; other reports put its FY25 net loss at Rs 1,209 crore.

Source: CNBC-TV18 via TradingView

Razorpay was last valued at $7.5 billion in 2021, when it raised $375 million. In May 2025, the company completed its reverse flip, shifting the domicile of its parent company from the United States to India — a step several Indian startups have taken before listing on Indian exchanges.

Source: Whalesbook