Indian payment gateway provider Razorpay Software has confidentially filed draft papers for an initial public offering, a newspaper advertisement showed on Monday.
The confidential route allows IPO-bound companies to keep their filings private until the launch of the public issue.
Financial news outlet Moneycontrol reported on Sunday that the company could raise more than $500–$600 million.
The Economic Times reported in April that the confidential filing was for a $500–$600 million issue, implying a valuation of $5–$6 billion.
Backed by investors including GIC, Y Combinator and Lightspeed, Razorpay provides technology for businesses to accept online payments and aims to protect sensitive customer information, reduce payment failures and simplify fund settlements. The platform processes transactions via credit and debit cards, UPI, net banking, buy-now-pay-later options and digital wallets, earning revenue by charging fees on transactions.