Razorpay, the Bengaluru-based payments company, has filed confidential IPO papers with India's SEBI. The issue is reported to be between Rs 5,000–6,000 crore (up to ~$700m), with a potential listing valuation of Rs 50,000–60,000 crore. The filing follows Razorpay's 2025 reverse flip — relocating its domicile from the US to India at an estimated $150m tax cost — a near-prerequisite for an Indian listing. The company was last valued at $7.5bn in 2021, and the current estimates suggest a more modest public market valuation, reflecting the gap between late-cycle private marks and current public investor appetite.
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