As of September 27, 2026, Razorpay has not confirmed a public listing date. Its most recent verified regulatory step is a confidential Draft Red Herring Prospectus (DRHP), which the company pre-filed with the Securities and Exchange Board of India (SEBI) and the stock exchanges on June 12, 2026 under the confidential filing route, CNBC-TV18 reported on June 15, 2026. The report put the planned issue size at roughly ₹5,000 to ₹6,000 crore, or about $500 million to $700 million, and said Razorpay could be valued at $5 billion to $6 billion at listing, below its 2021 private-market peak of $7.5 billion. That estimate follows the May 2025 completion of a reverse-domicile move that shifted Razorpay's parent entity from the United States back to India. The same report cited Razorpay's FY25 results: consolidated revenue grew 65% year on year to ₹3,783 crore, while the company posted a ₹1,209 crore net loss that it attributed to one-time ESOP and domicile-restructuring tax charges. No listing date, price band, or exchange debut has been reported beyond this filing. Track SEBI's disclosures and Razorpay's own statements directly, not secondary chatter.
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Key points
A confidential filing, not a public listing
On June 12, 2026, Razorpay pre-filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges, using the confidential filing route, CNBC-TV18 reported on June 15, 2026. The report put the planned issue size at roughly ₹5,000 to ₹6,000 crore, or about $500 million to $700 million.
A confidential DRHP lets a company work through SEBI's review before its financials and structure become public, and it does not fix a listing date. No price band, exchange debut, or public prospectus has been reported for Razorpay beyond this pre-filing.
Where the valuation estimate comes from
CNBC-TV18's June 15, 2026 report said Razorpay could be valued at $5 billion to $6 billion once it lists, below the $7.5 billion valuation it reached at its 2021 private-market peak.
The estimate follows the completion, in May 2025, of Razorpay's reverse-domicile move, which shifted its parent entity from the United States back to India.
The financials behind the filing
The same report cited Razorpay's FY25 results: consolidated revenue grew 65% year on year to ₹3,783 crore.
Razorpay also posted a ₹1,209 crore net loss for the year, which the company attributed to one-time ESOP and domicile-restructuring tax charges rather than to its underlying operations.
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When Will Razorpay IPO? It Pre-Filed a Confidential DRHP With SEBI
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Searches like 'When Will Razorpay IPO? It Pre-Filed a Confidential DRHP With SEBI' are research questions: what a filing or a company statement confirms, what has only been reported, and what is still unknown.
What counts as a listing step
For an IPO, the primary record is a registration statement filed with the securities regulator of the listing market, such as an S-1 or F-1 on SEC EDGAR for a US listing. Funding rounds, valuations and secondary-market prices are context, not listing steps.
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How a company reaches a US listing
The SEC filing trail
DraftThe company can first submit a draft registration statement (DRS) for confidential SEC review.
S-1 or F-1The registration statement goes public on SEC EDGAR: Form S-1, or Form F-1 for many foreign companies. A company that used a draft must file publicly at least 15 days before its roadshow.
AmendmentsS-1/A or F-1/A amendments answer SEC comments, and one of them adds the expected price range.
PricingOnce the SEC declares the registration effective, the company sets the price with its underwriters and files the final prospectus, usually a 424B4.
First tradeThe shares start trading on the exchange named in the prospectus, such as Nasdaq or the NYSE.
Razorpay is expected to list outside the US, so its listing documents will not appear on SEC EDGAR, which holds US filings only. Segmara Pro follows listings outside the US in its weekly IPO brief, posted in the members forum, not through EDGAR alerts.
Razorpay pre-filed a confidential Draft Red Herring Prospectus with SEBI and the stock exchanges on June 12, 2026, with the issue size estimated at roughly ₹5,000 to ₹6,000 crore (about $500 million to $700 million), CNBC-TV18 reported on June 15, 2026. A confidential pre-filing is not a public listing date.
CNBC-TV18's June 15, 2026 report put Razorpay's potential listing valuation at $5 billion to $6 billion, below its 2021 private-market peak of $7.5 billion. The estimate follows the May 2025 completion of Razorpay's reverse-domicile move, which shifted its parent entity from the United States back to India.
Razorpay's consolidated revenue grew 65% year on year to ₹3,783 crore in FY25, the same report said, while the company posted a ₹1,209 crore net loss it attributed to one-time ESOP and domicile-restructuring tax charges.
Risk notes
Rumor risk: unofficial dates, valuations, or funding details circulating on social media or forums are frequently wrong or outdated and should not be treated as confirmation of anything.
Illiquidity risk: any private-market interest, indicative marks, or pre-IPO share arrangements in a company that has not listed can be difficult to exit and may not reflect a tradable price.
Timing risk: a company can pause, restart, or abandon IPO preparation at any stage, including after a confidential or public filing, so no step before pricing guarantees a listing.
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Has Razorpay confirmed an IPO date?
No. As of the latest verified report, Razorpay has only pre-filed a confidential DRHP with SEBI on June 12, 2026, under the confidential filing route. No listing date, price band, or exchange debut has been confirmed.
What valuation could Razorpay reach at its IPO?
CNBC-TV18 reported on June 15, 2026 that Razorpay could be valued at $5 billion to $6 billion at listing, below its 2021 private-market peak of $7.5 billion. That figure comes from the same report on the confidential DRHP and has not been confirmed in a public filing.
What do Razorpay's latest financials show?
Per CNBC-TV18's June 15, 2026 report, Razorpay's consolidated revenue grew 65% year on year to ₹3,783 crore in FY25. The company also posted a ₹1,209 crore net loss, which it attributed to one-time ESOP and domicile-restructuring tax charges.
Can I buy Razorpay shares before the IPO?
Not through a public exchange. Razorpay remains a private company that has only pre-filed a confidential draft prospectus, and any private-share offer you encounter should be verified independently. Segmara does not sell, broker, or arrange purchases of Razorpay shares.
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Segmara is an independent research site. Segmara does not sell, broker, or arrange share purchases.