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Razorpay confidentially filed draft IPO papers with SEBI in June 2026, after shareholders approved a ₹2,700 crore fresh issue. Here is what has been reported, what has not, and why it matters if your checkout runs on Razorpay.
Razorpay, the payment gateway a large share of Indian online businesses check out through, is on its way to the stock market. The company has filed draft papers with India's market regulator and is aiming to list by the end of 2026.
Most of what follows comes from press reports rather than a public prospectus. That is because Razorpay used SEBI's confidential pre-filing route, so the full draft document is not public yet. Anything below that has not been confirmed is labelled that way.
| When | What happened |
|---|---|
| May 2025 | Razorpay completed its "reverse flip", moving its parent company from the US back to India. A company generally has to be domiciled in India to list there, and this was the prerequisite. |
| Late 2025 | The RBI granted Razorpay a Payment Aggregator – Cross Border (PA-CB) licence, which lets it handle inward and outward cross-border payments under direct regulatory oversight. |
| May 2026 | Filings with the Registrar of Companies showed shareholders had approved an IPO with a fresh issue of ₹2,700 crore, plus an offer-for-sale by existing investors. |
| June 2026 | Razorpay confidentially filed its draft red herring prospectus with SEBI. Reports put the total raise at about $600 million (roughly ₹5,000–6,000 crore across the fresh issue and the OFS). |
| By end of 2026 | This is the target listing window, subject to SEBI's observations and market conditions. No date or price band has been announced. |
According to reports, the fresh-issue proceeds will go towards expanding the international business, building out products such as offline POS and RazorpayX (its business-banking suite), and general corporate purposes. The offer-for-sale part goes to existing shareholders, not to the company. Early backers such as Tiger Global and Peak XV are widely expected to sell some of their stake.
For FY25, Razorpay reported revenue from operations of ₹3,783 crore, up about 65% from ₹2,296 crore the year before, and a consolidated net loss of ₹1,209 crore. The company attributed the loss largely to ESOP expenses and the one-off cost of redomiciling. Reports put the tax bill for the reverse flip alone at around $150 million.
On valuation, Razorpay was last privately valued at about $7.5 billion in 2021. The IPO valuation being discussed in reports is lower, in the $5–6 billion range. That has made the valuation reset the main story in Indian financial press, more than the listing itself.
Under SEBI's pre-filing mechanism, the regulator sends its observations privately. The company then has to publish an updated draft prospectus for at least 21 days of public comment before it can file the red herring prospectus and open the issue. So there will be a public document, with audited financials and risk factors, before anyone can subscribe. It just is not out yet.
Until then, treat IPO figures you see online with care. They come from reports and filings with other bodies, not from the prospectus.
For a merchant, an IPO changes very little day to day. Your integration, your keys and your settlement cycle are the same on listing day as the day before. Two things are still worth knowing:
What the IPO does not change is how to tell whether Razorpay is having a problem right now. For that, the live Razorpay status page on isuptime reads Razorpay's own monitor every few minutes. For what Razorpay has shipped while it waits, see what is new at Razorpay in August and September.
Sources
This is a summary of public reporting, not investment advice.
Checked continuously against each provider's own status feed.