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Razorpay files confidential draft papers for a Rs 5,000-6,000 crore IPO

Monday, 15 June 2026· 5 min read·Source: The Economic Times

Fintech major Razorpay has begun its IPO journey by confidentially filing its pre-filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges, in a public notice on June 15, 2026. The proposed initial public offering is estimated at Rs 5,000-6,000 crore (about $600 million), comprising a fresh issue and an offer-for-sale, with the final size depending on market conditions. The Y Combinator and Peak XV Partners-backed company — last valued at about $7.5 billion — recently completed its 'reverse flip' to shift its domicile back to India, a step several Indian-origin startups have taken ahead of listing.

Key Facts & Details

8 points

1
Razorpay filed a confidential (pre-filed) DRHP with SEBI on June 15, 2026.
2
The IPO is estimated at Rs 5,000-6,000 crore (~$600 million).
3
It will include a fresh issue and an offer-for-sale.
4
Razorpay was last valued at about $7.5 billion.
5
The company recently did a 'reverse flip' to redomicile to India.

Deep Dive

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The confidential pre-filing route lets companies file DRHP details without immediate public disclosure.
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A 'reverse flip' is moving a company's domicile from overseas (e.g. the US) back to India.
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Razorpay is a payments and financial-services platform for businesses.

Exam Focus

Which fintech company filed a confidential DRHP with SEBI in June 2026 for a Rs 5,000-6,000 crore IPO?

Exam Relevance & Angle

Major IPO filings and SEBI's confidential pre-filing route are markets/economy GA, tested on the company, the regulator and IPO basics.

Target Exams

SBI POSBI ClerkIBPS POIBPS ClerkIBPS RRB OfficerIBPS RRB AssistantRBI Grade BRBI AssistantNABARD Grade ASSC CGLSSC CHSLSSC CPORRB NTPCLIC AAONIACL AOUPSC CSEState PCS

Background & Context

An Initial Public Offering (IPO) is the first sale of a company's shares to the public, regulated in India by SEBI. The Draft Red Herring Prospectus (DRHP) is the preliminary offer document; SEBI allows a confidential 'pre-filing' route where the DRHP is reviewed without immediate public disclosure. An IPO can include a fresh issue (new shares raising capital for the company) and an offer-for-sale (OFS) (existing shareholders selling stakes). A 'reverse flip' is when a company shifts its registered domicile from abroad back to India — a trend among Indian-origin startups like Razorpay ahead of domestic listings.