# Razorpay IPO: SEBI Nod, Size and Timeline

> SEBI cleared Razorpay's IPO around 4 Nov 2026. Sources put the issue at about INR 5,000-6,500 crore and a ~$5bn valuation, below the 2021 peak of $7.5bn. Listing is talked about for Q1 2027 -- unconfirmed.
- **Published**: 2026-11-06
- **Modified**: 2026-11-06
- **Category**: ipo
- **URL**: https://www.tldr.money/articles/ipo/razorpay-ipo-sebi-approval

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**Razorpay has SEBI's nod to go public** -- according to people familiar with the matter quoted across Indian business media on **4 November 2026**. There is still no public price band, no bidding window and no confirmed listing date. This page collects what the sourced reports agree on, where they disagree, and what has to happen next. For the live calendar of dated issues, see [upcoming IPOs in November 2026](/articles/ipo/upcoming-ipos-november-2026) and the [IPO hub](/ipo).

**Last updated: 6 November 2026 (Asia/Calcutta).** All issue-size and valuation figures below are **source estimates**, not a filed RHP.

> **Educational content, not investment advice.** tldr.money is not a SEBI-registered investment adviser or research analyst. Nothing here is a recommendation to apply for, buy, sell or hold any security. IPO investments can lose money.

<div data-callout="tldr">

- **What happened:** SEBI clearance for Razorpay's IPO, reported **4 Nov 2026**.
- **Size (unconfirmed range):** ~**INR 5,000-6,000 cr** (PTI / Fortune India / Business Standard) or ~**INR 5,500-6,500 cr** (CNBC-TV18).
- **Valuation talk:** ~**$5 billion**, vs **$7.5 billion** in 2021.
- **Process so far:** confidential draft **June 2026**; India flip **May 2025**.
- **Bankers named:** Axis Capital, Kotak, JP Morgan, Citi.
- **Listing talk:** **Q1 2027** -- not confirmed.

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## What SEBI clearance actually means

SEBI approval after a draft filing means the regulator has issued its observations and the company can move toward a public offer **within the window the ICDR rules allow** (generally up to 12 months from the observations, subject to the final documents). It does **not** mean:

- a price band is fixed,
- bidding dates are set, or
- you can apply tomorrow.

Razorpay used SEBI's **confidential pre-filing** route in **June 2026**, which lets issuers submit draft papers without immediately publishing commercially sensitive detail ([CNBC-TV18](https://www.cnbctv18.com/market/razorpay-gets-sebi-approval-for-ipo-eyes-usd-5-billion-valuation-20026486.htm), [Fortune India](https://www.fortuneindia.com/markets/ipo/fintech-unicorn-razorpay-gets-sebi-nod-for-ipo/168582)). The next public milestone is usually a **red herring prospectus (RHP)** with the band, size and timetable.

## Size, valuation and the 2021 peak

| Item | What sources say | Caveat |
| --- | --- | --- |
| Issue size | ~INR 5,000-6,000 cr (PTI, Business Standard, Fortune India); ~INR 5,500-6,500 cr (CNBC-TV18) | Source estimates; RHP wins |
| Target valuation | ~$5 bn (~= INR 49,000-50,000 cr) | Source estimates |
| Prior valuation | $7.5 bn in 2021 after a $375 mn round (CNBC-TV18) | Private-round mark, not a listed price |
| Listing timing | Q1 calendar 2027 discussed (Fortune India, ET) | Unconfirmed; can slip |

Why the crore ranges differ: every outlet is quoting **people familiar with the plans**, not a filed number. We keep both ranges on the page until the RHP settles it.

<div data-callout="jargon" data-title="Confidential filing">

Under SEBI's confidential route, a company can file a draft offer document for review **without** the full public DRHP dump on day one. Once the process advances, the offer documents still have to be made public before the issue opens.

</div>

## Founders, bankers and the India flip

- **Founders:** Harshil Mathur (CEO) and Shashank Kumar -- widely covered in the same IPO reports ([ET morning dispatch](https://economictimes.indiatimes.com/tech/newsletters/morning-dispatch/premjis-deeptech-bets-razorpay-gets-ipo-nod/articleshow/135517823.cms)).
- **Bankers:** Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi ([CNBC-TV18](https://www.cnbctv18.com/market/razorpay-gets-sebi-approval-for-ipo-eyes-usd-5-billion-valuation-20026486.htm), ET).
- **Domicile:** Razorpay completed its move from the US to India in **May 2025**, a usual pre-IPO step for a domestic listing (ET).

## Timeline at a glance

1. **May 2025** -- India flip completed (ET).
2. **June 2026** -- confidential draft filed with SEBI.
3. **~4 Nov 2026** -- SEBI nod reported by CNBC-TV18, Fortune India, PTI/Business Standard, ET.
4. **Next (not done)** -- public RHP, price band, anchor book, bidding dates.
5. **Talked about** -- listing in **Q1 2027** (unconfirmed).

We will not put Razorpay on the dated rows of the [IPO calendar](/ipo/calendar) until exchanges and the RHP publish open/close/listing dates.

## Pipeline context: Mahanadi Coalfields OFS

The same early-November clearance wave included **Mahanadi Coalfields Limited (MCL)**. Per [PTI](https://www.ptinews.com/story/business/mahanadi-coalfields-receives-sebi-nod-to-float-ipo-coal-india-to-sell-10-stake/4235816) and [Business Standard](https://www.business-standard.com/markets/ipo/sebi-approves-mahanadi-coalfields-ipo-as-coal-india-plans-10-stake-sale-126110500099_1.html), SEBI cleared an issue that is entirely an **offer for sale**: Coal India plans to sell about **10%** (up to ~66.18 crore shares). Proceeds go to Coal India, not as growth capital into MCL. Mentioned here only as **pipeline colour** -- not a Razorpay peer, and not dated for November bidding on our calendar yet.

Other SEBI-cleared names still without November dates (Atomberg, Ratnadeep Retail, Punjab Carbonic, GNI Infrastructure) sit on our [November round-up](/articles/ipo/upcoming-ipos-november-2026).

## What it means for you

- **If you hoped to apply this month:** there is no Razorpay bidding window in the [November IPO list](/articles/ipo/upcoming-ipos-november-2026) yet.
- **If you follow fintech IPOs:** watch for the public RHP. That is when lot size, fresh vs OFS split, and use of proceeds become checkable facts.
- **If you compare valuations:** a $5 bn public-market target versus a $7.5 bn 2021 private mark is a **markdown narrative in the press**, not a traded price.

## Related guides

- [Upcoming IPOs in November 2026](/articles/ipo/upcoming-ipos-november-2026)
- [IPO calendar](/ipo/calendar)
- [How IPOs work in India](/articles/ipo/how-ipos-work-india)
- [India's biggest IPOs](/articles/ipo/biggest-ipos-in-india)
- [IPO guides hub](/ipo)
- [BSE market cap crosses INR 500 lakh crore](/articles/ipo/bse-market-cap-500-lakh-crore)

## Sources

Links accessed 6 November 2026.

- CNBC-TV18, "Razorpay gets SEBI approval for IPO, eyes $5 billion valuation", 4 Nov 2026: [cnbctv18.com](https://www.cnbctv18.com/market/razorpay-gets-sebi-approval-for-ipo-eyes-usd-5-billion-valuation-20026486.htm)
- Fortune India, "Razorpay Secures Sebi Approval for IPO, Eyes $5 Billion Valuation by 2027": [fortuneindia.com](https://www.fortuneindia.com/markets/ipo/fintech-unicorn-razorpay-gets-sebi-nod-for-ipo/168582)
- Business Standard / PTI, "Razorpay gets Sebi nod for INR 5,000-6,000 cr IPO", 4 Nov 2026: [business-standard.com](https://www.business-standard.com/companies/news/razorpay-gets-sebi-nod-for-5-000-6-000-cr-ipo-eyes-5-billion-valuation-126110401121_1.html)
- Hindu Business Line / PTI, "Razorpay gets SEBI nod for INR 5,000-6,000 crore IPO", 4 Nov 2026: [thehindubusinessline.com](https://www.thehindubusinessline.com/markets/razorpay-gets-sebi-nod-for-5000-6000-crore-ipo-eyes-5-billion-valuation/article71665144.ece)
- Economic Times, "Premji's deeptech bets; Razorpay gets IPO nod" (India flip May 2025; bankers; Q1 2027 talk): [economictimes.indiatimes.com](https://economictimes.indiatimes.com/tech/newsletters/morning-dispatch/premjis-deeptech-bets-razorpay-gets-ipo-nod/articleshow/135517823.cms)
- PTI, Mahanadi Coalfields SEBI nod / Coal India 10% OFS: [ptinews.com](https://www.ptinews.com/story/business/mahanadi-coalfields-receives-sebi-nod-to-float-ipo-coal-india-to-sell-10-stake/4235816)
- Business Standard, Mahanadi Coalfields SEBI approval: [business-standard.com](https://www.business-standard.com/markets/ipo/sebi-approves-mahanadi-coalfields-ipo-as-coal-india-plans-10-stake-sale-126110500099_1.html)
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