Not PhonePe, this company is bringing the biggest IPO of 6000 crore of Fintech world
Suspense Crime, Digital Desk : Financial technology company Razorpay has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) for its initial public offering ( IPO ).The issue size is anticipated to be in the range of Rs 5,000-6,000 crore. In a public notification issued on Monday, the company said that it has "filed draft documents in connection with the proposed IPO for the issue of its equity shares with the Sebi and stock exchanges."
Though the size of issue has not been disclosed, market sources believe it could be between 5,000-6,000 crore. Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers payment acceptance, banking, payment disbursement, payroll, lending and other financial services, all on an integrated platform.
Razorpay also provides services to MSMEs
Razorpay offers services to millions of businesses throughout the country, from startups, MSMEs, and large companies. The company achieved unicorn status in 2020, and has since expanded into a more encompassing financial services space, well beyond simply payments. The exact size, valuation and timing for the IPO will depend on many variables and regulatory requirements.
PhonePe postpones IPO plans
Under the confidential filing, a company can get their DRHP approved by SEBI without publicly revealing all their business details at that point. The issue follows recent reports of its rival PhonePe pushing back their own IPO plans owing to geopolitical tensions and the volatile Middle Eastern market.
