Razorpay gets SEBI nod for its IPO, with a working plan to list in early 2027

Razorpay has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering, according to people familiar with the matter cited by Moneycontrol, The Economic Times and The Times of India on November 3 and 4, 2026. The Bengaluru payments company had confidentially filed draft papers with SEBI earlier in June 2026. Moneycontrol said Razorpay could not be reached immediately for comment, and neither SEBI nor the company had issued a public confirmation in those reports.

Coverage puts the proposed raise in a band of about Rs 5,000 to 6,000 crore. Moneycontrol separately described a target of over $500 to $600 million at a valuation of about $5 billion, while noting the final size could change with market conditions. The Economic Times said the firm is working toward a listing in the first quarter of calendar 2027, with an earliest case discussed as December 2026, and that volatile markets could push the date later. Axis Capital, Kotak Mahindra Capital, JPMorgan and Citi are among the bankers named in the reports.

The approval, if confirmed by a public filing, would be another step after Razorpay completed its reverse flip to India and, on November 2, 2026, received a final IFSCA payment service provider licence to run cross border payments from GIFT City. Founders Harshil Mathur and Shashank Kumar started the company in 2014. It last drew a private valuation of about $7.5 billion in 2021. Until Razorpay files a red herring prospectus and sets a price band, the approval remains a regulatory milestone rather than a launched offer.