Fintech firm Razorpay Software Ltd and Sembcorp Green Infra, a renewable energy independent power producer, have cleared an important step toward listing on the stock market. An update from the Securities and Exchange Board of India (Sebi), published on Friday, showed that both companies have received the regulator’s final observations on their initial public offering (IPO) plans.
The regulator issued its comments to Razorpay on November 3 and to Sembcorp Green Infra on November 13. Sebi said the observations allow both companies to move ahead with preparations for their public issues, subject to the rules that apply to them.
Razorpay’s plans
Razorpay filed its draft papers with Sebi in June, using the confidential route. This route lets a company submit its draft offer documents for review without making sensitive business details public straight away.
The company has not said how large its issue will be. However, people familiar with the matter estimate it at between Rs 5,000 crore and Rs 6,000 crore.
Harshil Mathur and Shashank Kumar founded Razorpay in 2014. Its platform offers payment acceptance, banking, payouts, payroll, lending and other financial services to businesses. It serves millions of firms in India, from startups and small and medium enterprises to large corporates. The company became a unicorn, or a startup valued at over a billion dollars, in 2020. Since then it has moved beyond payments into a wider financial services set-up that helps businesses handle collections, payouts, payroll, cash flows and access to capital from one place.
Its investors include Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV.
Sembcorp Green Infra’s plans
Sembcorp Green Infra first filed preliminary papers with Sebi in August, seeking to raise up to Rs 3,750 crore through its IPO. Its draft red herring prospectus shows the offer will be entirely a fresh issue of equity shares, with no offer-for-sale component, meaning existing shareholders will not sell any of their holdings.
The company plans to use the money to repay certain borrowings of its own and of its subsidiaries. The company says the raise will also help strengthen its balance sheet as it expands its renewable energy portfolio.
The company’s footprint
As of March 31, 2026, Sembcorp Green Infra had 3.60 GW of operational renewable energy capacity. About 4.04 GW or GWh was under construction. This included 2.61 GW of renewable energy capacity and 1,433 MWh of battery energy storage system (BESS) capacity.
The company is also putting more emphasis on complex projects. These include hybrid projects, storage-backed projects, round-the-clock (RTC) supply projects and firm and dispatchable renewable energy (FDRE) projects.
The company is promoted by Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd. It currently has 105 projects spread across 13 states and union territories.