The fintech IPO may raise around $500 million, making it one of the major listings expected this year. Top investment banks such as Kotak Mahindra Capital, Axis Capital, Citigroup, Goldman Sachs, and JPMorgan are working on the deal.

Razorpay’s move shows a growing trend among that prefer confidential filing. This method helps companies make changes quietly and plan better without market pressure.

The company also shifted its base back to India last year. Earlier, it operated from the United States, which many startups used for global funding. This move supports its plan for a local stock market listing.