Razorpay, Sembcorp Green Infra get Sebi nod to float IPOs

Fintech firm Razorpay Software Ltd and Sembcorp Green Infra, a renewable energy independent power producer, have secured Sebi's approval to launch initial public offerings (IPO), an update with the markets regulator showed on Friday.

Razorpay filed draft documents with Sebi via the confidential route in June for an IPO.

Sembcorp Green Infra filed preliminary papers with the Securities and Exchange Board of India (Sebi) in August to raise up to Rs 3,750 crore through an IPO.

After examining the draft documents, the regulator issued its final observations to Razorpay and Sembcorp Green Infra on November 3 and November 13, respectively, the update showed.

Sebi's observations mark an important step in the IPO process, allowing the companies to proceed with preparations for their public issues, subject to applicable regulatory requirements.

Razorpay did not disclose the size of the proposed issue. However, people familiar with the matter estimate the issue size in the range of Rs 5,000-6,000 crore.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers payment acceptance, banking, payouts, payroll, lending and other financial services through an integrated platform. The company serves millions of businesses across India, ranging from startups and small and medium enterprises to large corporates.

Razorpay attained unicorn status in 2020 and has since expanded beyond payments into a broader financial services ecosystem for businesses. Its offerings enable merchants to manage collections, payouts, payroll, cash flows and access to capital through a single platform.

The company is backed by investors like Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV.

The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately disclosing sensitive business information to the public.

According to the draft red herring prospectus, Sembcorp Green Infra's proposed IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component.

The IPO proceeds will be used for payment of certain borrowings by the company and the subsidiaries.

The proposed capital raise will help strengthen its balance sheet as it scales up its renewable energy portfolio.

Sembcorp Green Infra had 3.60 GW of operational renewable energy capacity and about 4.04 GW/GWh under construction as of March 31, 2026. Its under-construction portfolio includes 2.61 GW of renewable energy capacity and 1,433 MWh of battery energy storage system (BESS) capacity.

The company is also increasing its focus on complex renewable projects, including hybrid, storage-backed, round-the-clock (RTC) and firm and dispatchable renewable energy (FDRE) projects.

Promoted by Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd, SGIL has 105 projects across 13 states and union territories.

Earlier this month, Nasdaq-listed travel booking platform MakeMyTrip's India subsidiary received Sebi's approval to launch its maiden public offering.