Razorpay plans confidential DRHP filing for IPO targeting up to ₹5,700 crore

Mumbai: Bengaluru-based fintech company Razorpay is preparing to launch its much-awaited Initial Public Offering (IPO), with sources indicating that the company may file its confidential Draft Red Herring Prospectus (DRHP) as early as next week.The proposed IPO is expected to be valued at between USD 500 million and $600 million (around Rs 4,700 crore to Rs 5,700 crore), making it one of the notable fintech public issues planned for 2026. According to sources, the issue will consist of both a fresh issue of shares and an Offer for Sale (OFS), with both components likely to contribute almost equally to the overall size of the offering.Zepto Eyes ₹11,000-Crore IPO In July, Quick Commerce Firm Targets Listing Before July-EndIPO Likely to Hit Market in 2026Sources said Razorpay is targeting a stock market debut later this year, subject to approvals from market regulator Securities and Exchange Board of India (SEBI) and other regulatory authorities. The company is expected to seek a valuation of around $5 billion to $6 billion through the public offering.Several leading investment banks, including Axis Capital, Kotak Mahindra Capital, JPMorgan and Citi, are managing or advising the proposed issue.The company has not officially commented on the development.Razorpay May Confidentially File For IPO By Next Week, Seek Up To $6 Billion ValuationStrong Position in Digital PaymentsFounded in Bengaluru, Razorpay has emerged as one of India's leading fintech platforms, offering payment solutions, banking services and financial products to businesses across the country.The company has benefited from India's rapid shift towards digital payments and online commerce. Over the years, Razorpay has expanded its offerings beyond payment gateways to become a broader financial solutions provider for enterprises and start-ups.Betting Big on Artificial IntelligenceRazorpay's leadership believes artificial intelligence (AI) could become the next major transformation in digital commerce and payments.PhonePe Defers Public Listing As Iran War Weighs On Market StabilitySpeaking at the Global Fintech Festival in 2025, Co-founder and CEO Harshil Mathur said AI-driven payments could reshape how consumers shop and transact, similar to the impact created by UPI in India.Mathur noted that while AI-led payments may take time to gain widespread acceptance, they could become a primary mode of commerce over the next five years. He added that Razorpay is focused on the long-term potential of the technology rather than its immediate revenue opportunities.With its IPO plans gathering momentum, Razorpay is set to become one of the most closely watched fintech listings in the Indian market this year.

The Bengaluru-based digital payments giant is targeting a valuation of $5-6 billion from the public market debut