Razorpay And Sembcorp Green Infra Get Sebi Nod, Renewable Energy IPO To Raise Up To ₹3,750 Crore

New Delhi: Fintech company Razorpay Software and renewable power producer Sembcorp Green Infra have received the Securities and Exchange Board of India’s (Sebi) clearance to proceed with their initial public offerings, PTI reported, citing a regulatory update on Friday, November 13.

Sebi issued its final observations on Razorpay’s draft papers on November 3 and on Sembcorp Green Infra’s filing on November 13. The observations allow both companies to advance preparations for their public issues, subject to applicable regulatory requirements.

Razorpay takes confidential route

Razorpay submitted its draft IPO papers in June through Sebi’s confidential filing route, which allows companies to seek regulatory review before making their offer documents public.

The fintech company has yet to disclose the size of its proposed offering. PTI, citing people familiar with the matter, reported that the issue could be in the range of ₹5,000–6,000 crore.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay began as a payments platform and has since expanded into payouts, payroll, banking and lending services. It serves businesses ranging from start-ups to large companies. Its investors include Peak XV Partners, GIC and Tiger Global.

Sembcorp plans fresh issue

Sembcorp Green Infra filed its preliminary IPO papers in August. Its proposed offering comprises a fresh issue of equity shares worth up to Rs 3,750 crore. The draft prospectus shows no offer-for-sale component. The company plans to use the proceeds to repay certain borrowings of its own and those of its subsidiaries.

Renewable capacity in focus

As of March 31, 2026, Sembcorp Green Infra had 3.60 GW of operational renewable energy capacity. Its portfolio under construction included 2.61 GW of renewable generation capacity and 1,433 MWh of battery energy storage capacity.

Promoted by Sembcorp Utilities and Sembcorp Industries, the company has 105 projects across 13 states and union territories. It is expanding its focus on hybrid and storage-backed projects, including those designed to supply renewable power around the clock or deliver it when required.

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