Well-known fintech startup RazorPay has quietly submitted draft documents for its IPO with market regulator SEBI. RazorPay’s IPO size is expected to be between ₹5,000 crore and ₹6,000 crore. In a public notice issued on Monday, the company said it has “submitted the draft documents for its equity shares to SEBI and the stock exchanges in connection with the proposed IPO.”
**RazorPay was started in 2014 by Harshil Mathur and Shashank Kumar**
Although the fintech company did not disclose the size of the issue in the public notice, sources in the know say that the company is targeting to raise ₹5,000-6,000 crore through this IPO. RazorPay was started in 2014 by Harshil Mathur and Shashank Kumar. The company provides services such as payment acceptance, payment disbursement, banking, payroll, loans and other financial services through an integrated platform.
**Achieved ‘Unicorn’ status in 2020**
RazorPay serves millions of businesses across the country, including startups, micro, small and medium enterprises (MSMEs) and large companies. It achieved ‘Unicorn’ status (a company valued at $1 billion) in 2020. Since then, it has expanded beyond payment services to develop a comprehensive financial services ecosystem. The final size, valuation and date of RazorPay’s IPO will depend on SEBI approval, market conditions and other factors.
**PhonePe postpones IPO plans**
Under the confidential filing mechanism, companies can immediately submit draft documents to SEBI for review without disclosing all business details. The move comes at a time when RazorPay’s rival PhonePe has postponed its IPO plans due to geopolitical tensions and market volatility in West Asia.
Recently listed company in the market
It is noteworthy that recently big IPOs have been listed on local stock exchanges. Faridabad-based company CMR Green Technologies, which operates in the metals sector, was listed in the market on June 10. The company’s shares were sold at a price of ₹275.40, representing a whopping premium of 43.43% over the issue price.