Fintech News · 4 November 2026 · 3 min read
In short: Payments company Razorpay has received SEBI approval for its IPO, according to sources quoted by Entrackr on 3 November 2026. The issue could raise ₹5,500-6,500 crore at a valuation of about $5 billion (roughly ₹49,000-50,000 crore). Razorpay had not publicly confirmed the approval when this was written.
This comes a day after Razorpay got its final payment service licence in GIFT City, which we covered in Razorpay gets final IFSCA licence
Key numbers
| Item | Details (as reported) |
|---|---|
| IPO size | ₹5,500-6,500 crore |
| Expected valuation | About $5 billion (₹49,000-50,000 crore) |
| Last private valuation | $7.5 billion in 2021, when it raised $375 million |
| Draft papers | Filed confidentially with SEBI in June 2026 |
| Final papers | Expected before March 2027 |
| Bankers | Axis Capital, Kotak Mahindra Capital, JP Morgan, Citi |
How a confidential IPO filing works
Most companies file a public draft prospectus (DRHP). Razorpay used SEBI’s confidential route, so its draft is not public yet. After SEBI’s approval, the company must publish an updated draft for public comments before it can open the IPO. Only then will the price band, dates and the split between new shares and shares sold by existing investors be known.
Razorpay became a public limited company in April 2025 and later in 2025 moved its parent company from the US back to India. That move reportedly cost about $150 million in taxes.
What it means for you
- There is no IPO date or price yet. Anyone quoting a price today is guessing.
- The expected valuation is below its 2021 level, which shows how fintech valuations have reset.
- When the papers are public, read the risks section, revenue and profit trends before deciding anything.
- Track dates and new filings on our IPO tracker, and see the wider list in our fintech IPO pipeline story.
Sources
- Entrackr: Razorpay receives SEBI approval for IPO (3 Nov 2026)
- Entrepreneur India: Razorpay receives SEBI approval for IPO (4 Nov 2026)
This is a news summary for education, not investment advice. Figures are as reported on or before 4 November 2026; check official sources before making decisions.