Razorpay’s IPO: Fintech Firm Likely to Submit DRHP Next Week, According to Sources

Razorpay, the Bengaluru-based financial solutions firm, is preparing for its Initial Public Offering (IPO) and an anticipated debut on Dalal Street.

According to sources who spoke to CNBC-TV18, the financial services company plans to submit a confidential Draft Red Herring Prospectus (DRHP), potentially as soon as next week.

Estimates suggest that the Razorpay IPO will be in the range of $500–600 million, equating to approximately ₹4,700 crore to ₹5,700 crore. The offering will consist of both a fresh issue and an offer for sale, with both components likely divided approximately 50:50.
Sources indicate that Razorpay is aiming for a Dalal Street launch in 2026. The timeline for the stock’s listing this year will depend on regulatory approvals. Estimates place Razorpay’s valuation at around $5–6 billion during the IPO.

Investment banks involved in managing or advising the issue include Axis Capital, Kotak, JPMorgan, and Citi.

It’s important to note that CNBC-TV18 is awaiting feedback from Razorpay.

In 2025, during an interview with CNBC-TV18, Harshil Mathur, Co-Founder and CEO of Razorpay, remarked that Artificial Intelligence (AI) could significantly change shopping and payment processes in the coming years, similarly to how UPI revolutionized digital payments in India.

While attending the Global Fintech Festival in 2025, Mathur further commented, “This is a technological shift, much like UPI. It will require time for widespread adoption.” He emphasized that Razorpay is focusing not on the immediate revenue potential of AI-driven payments but on their long-term effects. “In the next five years, do I think this will become a primary way people engage with commerce? I strongly believe it will.”

Also Read: AI payments could become the new UPI in five years: Razorpay CEO Harshil Mathur