Market regulator SEBI has given the green light to fintech company Razorpay to proceed with its IPO plans, months after the company confidentially filed its draft IPO documents.
According to a SEBI document released on Friday, the market regulator has approved the company's proposal to raise funds from investors, five months after it confidentially filed its draft papers.
A confidential filing allows companies to submit draft documents to the regulator for review without making them public, helping protect sensitive information such as financial details and business strategies.
The company is looking to raise $600 million through the IPO, Reuters reported. The approval also comes at a time when sentiment in the Indian stock market has improved amid easing inflationary pressures following a sharp decline in crude oil prices.
The global fallout from the sell-off in AI-linked stocks has also prompted overseas investors to rotate funds back into domestic equities after largely overlooking Asia's largest economy for nearly two years.