New Delhi: The Securities and Exchange Board of India (SEBI) has issued its final observations on the draft offer document of Razorpay Software Ltd, clearing the way for the Bengaluru-based fintech to proceed with its initial public offering.
The regulator issued the observations on November 3, according to SEBI’s official processing status of draft offer documents. Razorpay filed its draft papers through the confidential pre-filing route on June 13, 2026, with Axis Capital as the coordinating lead manager, the same document shows. The clearance came to wider notice this week after SEBI’s weekly status update, with several business outlets reporting it on November 13.
What the SEBI nod means
Final observations mean the regulator has finished reviewing the company’s draft red herring prospectus. Razorpay can now file updated offer documents with the stock exchanges and move ahead with the issue, subject to the conditions in SEBI’s observations and other regulatory requirements.
The clearance says nothing about price or timing: the company has not announced issue dates, a price band, or the final size of the offering.
Issue size and valuation: what reports say
Because Razorpay chose the confidential filing route, its draft prospectus is not public and the company has not disclosed the issue size. Estimates in reports this month put the raise at Rs 5,000 to Rs 6,500 crore: CNBC-TV18 and The Times of India reported Rs 5,000-6,000 crore, while The Economic Times reported Rs 5,500-6,500 crore, including a shareholder-approved fresh issue of Rs 2,700 crore along with an offer for sale by existing investors.
The Economic Times has also reported that Razorpay is working towards a listing in the first quarter of 2027, though the timeline could move depending on market conditions and investor appetite. The expected valuation of around $5 billion would be below the $7.5 billion the company commanded in its last major private funding round in 2021.
About Razorpay
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers payment acceptance, business banking, payouts, payroll and lending on a single platform, serving startups, small and medium businesses and large companies. It became a unicorn in 2020 and counts Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV among its investors.
Read: Razorpay IPO: Why the fintech giant is choosing the confidential filing route
Two more IPO clearances this month
The same SEBI status document records final observations for MakeMyTrip India Ltd on November 6 and for Sembcorp Green Infra Ltd on November 13. Sembcorp Green Infra, a renewable energy producer, plans to raise up to Rs 3,750 crore entirely through a fresh issue, with proceeds earmarked mainly to repay borrowings, according to its draft papers cited by CNBC-TV18.
Read also: Paytm gets preliminary RBI nod for wallets; final approval still needed
Source: SEBI’s Processing Status of Draft Offer Documents (accessed November 15, 2026); we have read the document. Issue size, valuation and timeline details are from reports by The Economic Times, CNBC-TV18 and The Times of India, credited in the text. Featured image: the Bombay Stock Exchange building, Mumbai – photo by Niyantha Shekhar, CC BY 2.0, via Wikimedia Commons.
