Regulatory Milestones for Market Entry
Fintech firm Razorpay Software Ltd and renewable energy producer Sembcorp Green Infra have received clearance from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings. The regulator issued its final observations for Razorpay on November 3 and for Sembcorp Green Infra on November 13, according to market data released Friday.
These observations allow both companies to advance their preparations for public listing, provided they meet remaining regulatory requirements. Razorpay utilized a confidential filing route in June, which permits companies to submit draft documents without immediate public disclosure of sensitive business data.
Razorpay, founded in 2014 by Harshil Mathur and Shashank Kumar, provides a suite of financial services including payment processing, payroll, and lending. The company, which achieved unicorn status in 2020, counts investors such as Peak XV Partners and GIC among its backers. While the firm did not specify the size of its offering, industry sources estimate the IPO could raise between Rs 5,000 crore and Rs 6,000 crore.
Renewable Energy Expansion
Sembcorp Green Infra aims to raise up to Rs 3,750 crore through its proposed IPO. The offering consists entirely of a fresh issue of equity shares, with no offer-for-sale component. The company plans to use the proceeds to reduce debt for itself and its subsidiaries, as well as to support its renewable energy portfolio.
As of March 31, 2026, the company reported 3.60 GW of operational renewable energy capacity and approximately 4.04 GW/GWh under construction. Promoted by Sembcorp Utilities and Sembcorp Industries, the firm manages 105 projects across 13 states and union territories. Current projects include hybrid energy systems and battery storage.