The company is backed by investors including Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV. (Image Source: Agencies)
\n\nFintech major Razorpay has received the green light from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO), which is expected to raise between Rs 5,000 crore and Rs 6,000 crore, according to a PTI report citing people familiar with the matter. The company is aiming for a valuation of approximately $5 billion through the public issue, sources said in the report.
\n\nThe regulatory approval marks an important step towards Razorpay's entry into the listed market, as the fintech company looks to expand its presence in India's financial services industry.
\n\nRazorpay had initiated its IPO preparations by submitting preliminary offer documents to SEBI through the confidential pre-filing mechanism in June. This route allows companies to seek regulatory feedback on their proposed public issues without making all sensitive business and financial details available to the public at the initial stage.
\n\nWith the regulator's approval now in place, the company has moved another step closer to launching its public offering. The proposed issue size is pegged at Rs 5,000-6,000…
Original source: https://www.timesnownews.com/business-economy
