Razorpay has confidentially filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India for a proposed initial public offering [1], [2], [3].

The move signals a major transition for the Indian fintech firm as it seeks public capital to fuel growth following a reverse-flip to India. This filing marks a critical step in the company's strategy to establish a permanent presence on the domestic stock market.

Reports on the exact size of the offering vary. Some sources indicate a target raise of $500 million to $600 million [1], while others place the target between $600 million and $700 million [2]. In local currency, estimates range from Rs 4,700 crore to Rs 5,700 crore [4], or as high as Rs 5,000 crore to Rs 6,000 crore [3].

The company is expected to achieve a valuation of approximately $5 billion to $6 billion [2]. This valuation reflects the company's scaling operations and its recent financial performance. For the 2025 fiscal year, Razorpay reported that revenue rose 65% to ₹3,783 crore [1].

Razorpay intends to debut its IPO in 2026 [4]. The confidential filing process allows the company to refine its offering with regulators before making the details public to the broader market. This approach is increasingly common for high-growth tech companies looking to manage market volatility and timing.

By shifting its corporate structure back to India, a process known as a reverse-flip, the company has positioned itself to better navigate the local regulatory landscape. The capital raised will likely be used to expand its product suite and capture a larger share of the digital payments market in India.

“Razorpay has confidentially filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India”

This filing underscores a broader trend of 'reverse-flipping,' where Indian startups move their headquarters back to India from foreign jurisdictions to prepare for domestic listings. By targeting a 2026 debut, Razorpay is timing its entry to capitalize on the growth of India's digital economy and the increasing appetite of local investors for high-growth fintech assets.