Razorpay IPO gets Sebi nod; Sembcorp Green Infra, MakeMyTrip India also receive approval

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Razorpay IPO gets Sebi nod; Sembcorp Green Infra, MakeMyTrip India also receive approval
- Published OnNov 13, 2026 | 18:14 IST
- Last Updated OnNov 13, 2026 | 18:14 IST
Market regulators have cleared public listing plans for major fintech, renewable energy, and travel tech players. The green energy producer plans to clear debt and fund green expansion, while the travel subsidiary aims to boost tech hiring. Find out how much capital the fintech unicorn is targeting in its upcoming offering.
The Securities and Exchange Board of India (Sebi) has cleared the initial public offering (IPO) plans of fintech company Razorpay Software Ltd, renewable energy producer Sembcorp Green Infra and Nasdaq-listed travel booking platform MakeMyTrip’s Indian subsidiary, according to updates on the markets regulator’s website.
Razorpay and Sembcorp Green Infra received Sebi’s final observations on November 3 and November 13, respectively, while MakeMyTrip (India) Ltd (MMT India) received the regulator’s approval on November 6. The observations allow the companies to move ahead with preparations for their public issues, subject to applicable regulatory requirements.
Razorpay had submitted its draft IPO documents through the confidential filing route in June. The company has not disclosed the proposed issue size, although people familiar with the matter estimate it could be in the range of ₹5,000-6,000 crore.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay provides payment acceptance, banking, payouts, payroll, lending and other financial services through an integrated platform. It serves businesses ranging from startups and small and medium enterprises to large corporates.
The company became a unicorn in 2020 and has since expanded beyond payments into a wider financial services platform. Its investors include Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV.
Sembcorp Green Infra had filed preliminary papers with Sebi in August, seeking to raise up to ₹3,750 crore through an IPO. According to its draft red herring prospectus, the proposed issue will comprise entirely a fresh issue of equity shares, with no offer-for-sale component.
The company plans to use the proceeds to repay certain borrowings of the company and its subsidiaries. The proposed fundraise is expected to support its balance sheet as it expands its renewable energy portfolio.
As of March 31, 2026, Sembcorp Green Infra had an operational renewable energy capacity of 3.60 GW and around 4.04 GW/GWh under construction. The latter included 2.61 GW of renewable energy capacity and 1,433 MWh of battery energy storage system capacity.
The company is also expanding its presence in hybrid, storage-backed, round-the-clock and firm and dispatchable renewable energy projects. Promoted by Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd, it has 105 projects across 13 states and union territories.
Meanwhile, MakeMyTrip’s Indian subsidiary had filed its draft IPO papers through the confidential route in July. The proposed offering is expected to involve a sale of equity shares by parent MakeMyTrip and its wholly-owned subsidiary, ibibo Group Holdings (Singapore) Pte Ltd.
MMT India will continue to be a subsidiary of MakeMyTrip after the IPO, with its financial results consolidated with those of the parent, according to a regulatory filing by the Gurugram-headquartered company with Nasdaq.
MakeMyTrip said the proposed listing is expected to improve MMT India’s brand visibility and help it attract and incentivise talent in the competitive technology recruitment market.
The proceeds from the share sale received by MakeMyTrip and ibibo Group Holdings are expected to strengthen the parent’s cash position. The funds are intended for long-term growth, strategic acquisitions and repurchases of different classes of securities, including convertible securities, the filing stated.
The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately making sensitive business information public.

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