Overview
- Multiple outlets reported on Wednesday that SEBI has approved a proposed ₹5,000–6,000 crore public offer for Razorpay that market sources say could value the company near $5 billion.
- The deal is expected to include both a fresh equity sale and an offer‑for‑sale from existing shareholders though the final split and price are pending market conditions and formal filings.
- Razorpay completed a reverse‑flip to re‑domicile from the US to India in May 2025 and reported FY25 revenue of ₹3,783 crore with a ₹1,209 crore net loss driven mainly by one‑time ESOP charges and tax costs tied to that move.
- The company has named Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi as bankers for the proposed issue and filed draft papers confidentially with SEBI in June 2026.
- A successful listing would give liquidity to employees and investors, set a public benchmark below prior private valuations near $7–7.5 billion, and influence pricing and timing for other India fintech listings; investors will watch the final prospectus and market demand closely.