Razorpay, the Bengaluru payments company, has filed draft papers for an initial public offering through India’s confidential route, according to people familiar with the matter. The filing moves one of the country’s larger fintech firms a step closer to the public markets, without yet putting its financials on public display.
The confidential mechanism, which Indian regulators have permitted in recent years, lets a company submit a draft red herring prospectus to the Securities and Exchange Board of India and the exchanges while keeping business, operational, and financial detail out of public view until later in the process. It buys time and discretion, which is why a string of well-known names have used it.
People familiar with the plans put the issue at between Rs 5,000 crore and Rs 6,000 crore, which at the upper end is roughly $700m, and suggest a listing could value the company at Rs 50,000 crore to Rs 60,000 crore.
Those figures come from sources rather than from Razorpay, and the company has not confirmed them. The size and terms can change before the offer is made public.
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