Razorpay files confidential IPO papers for up to $600M

Indian fintech giant Razorpay has confidentially filed draft papers for an initial public offering, a significant step toward a stock market debut that could raise up to $600 million. The Bengaluru-based company submitted the documents to the Securities and Exchange Board of India and stock exchanges on Monday, June 15, 2026, using a confidential route that allows for private regulatory review before public disclosure.

The proposed offering is estimated to be between ₹5,000 crore and ₹6,000 crore, or roughly $500 million to $600 million. It is expected to comprise a mix of a fresh issue of shares and an offer-for-sale by existing investors. A consortium of investment banks, including Axis Capital, JPMorgan, Citi, and Kotak Mahindra Capital, is advising on the deal. The company aims to list by the end of 2026, pending regulatory approvals and market conditions.

The IPO would value Razorpay at approximately $5 billion to $6 billion, a notable reduction from its peak private-market valuation of $7.5 billion achieved in late 2021. This reflects a broader reset in technology and fintech valuations as public-market investors increasingly prioritize profitability. The company enters...