Sebi approves IPO plans of Razorpay, Sembcorp Green Infra and MakeMyTrip India

Résumé détaillé

Sebi clears IPO plans for Razorpay Software Ltd, Sembcorp Green Infra, and MakeMyTrip India, allowing them to advance their public offerings.

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.

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…

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