Bengaluru-based fintech company Razorpay is preparing for its long-awaited Initial Public Offering (IPO) and eventual listing on Dalal Street, according to sources familiar with the matter.

The company is expected to file a confidential Draft Red Herring Prospectus (DRHP) as early as next week, marking a key milestone in its journey toward becoming a publicly listed firm.

IPO Size and Valuation Expectations

Razorpay’s IPO is estimated to raise between $500 million and $600 million, equivalent to approximately ₹4,700 crore to ₹5,700 crore. The offering is expected to include both a fresh issue of shares and an offer for sale, with the structure likely split roughly 50:50.

Market sources suggest that the fintech company could be valued at around $5–6 billion at the time of listing, depending on investor demand and market conditions.

If the timeline proceeds as expected, Razorpay could make its stock market debut in 2026, subject to regulatory approvals and market readiness.

Investment Banks Managing the IPO

Several major global and domestic investment banks are reportedly involved in the offering. Axis Capital, Kotak Mahindra Capital, JPMorgan, and Citi are said to be advising or managing the IPO process.

The involvement of leading financial institutions highlights the scale and importance of the offering within India’s rapidly growing fintech sector.

Strong Position in India’s Fintech Market

Razorpay has established itself as one of India’s leading digital payments and financial infrastructure companies, serving millions of businesses across online payments, banking, and enterprise financial solutions.

The company operates in a highly competitive sector that has benefited significantly from India’s rapid adoption of digital payments and Unified Payments Interface (UPI) infrastructure.

Founder’s Vision for AI and Future Payments

Razorpay Co-Founder and CEO Harshil Mathur has previously highlighted the transformative potential of artificial intelligence in financial services.

Speaking in 2025, Mathur compared AI’s potential impact on commerce and payments to the disruption caused by UPI in India’s digital payments ecosystem. He suggested that AI-driven payment systems could become a mainstream method for consumers over the next five years.

“This is a technological shift, like the way UPI was. It will take time for people to adopt it,” Mathur said. He added that Razorpay is focused on the long-term evolution of AI in commerce rather than immediate revenue gains.

Growing Investor Interest in Fintech IPOs

Razorpay’s planned listing comes at a time when investor interest in fintech companies remains strong, particularly in markets like India where digital payments adoption continues to grow rapidly.

The company’s upcoming IPO is expected to be closely watched by both institutional and retail investors as a key indicator of sentiment toward the broader fintech sector.

Conclusion

Razorpay’s expected confidential DRHP filing marks a major step toward its entry into the public markets. With a potential valuation of up to $6 billion and strong backing from global investment banks, the company’s IPO is set to be one of the most significant fintech listings in India in recent years.

As the company prepares for its Dalal Street debut, all eyes will be on how investors respond to its growth story and long-term vision for AI-driven payments.