India’s IPO pipeline has received a major boost, with three well known businesses from fintech, renewable energy and online travel moving closer to the stock market. Razorpay Software, Sembcorp Green Infra and MakeMyTrip India have all received SEBI’s final observations on their proposed IPOs.

The development is significant because these are three very different businesses, each offering investors exposure to a growing part of the Indian economy. But the proposed issues also have very different structures, which investors need to understand before evaluating them.

Razorpay received SEBI’s observations on its confidential IPO filing on November 3. The fintech company had submitted its draft papers through the confidential route, allowing it to receive regulatory feedback without immediately making all sensitive business information public.

Founded in 2014, Razorpay has grown from a digital payment gateway into a broader financial technology platform. Its services include online payment acceptance, banking solutions, payouts, payroll, lending and other financial tools for businesses.

The company serves businesses ranging from startups and small enterprises to large corporations. Its opportunity comes from the increasing use of digital payments and the growing demand for integrated financial services that help businesses manage collections and cash flows.

Razorpay’s proposed IPO could reportedly raise around ₹5,000 crore to ₹6,000 crore, although the final issue size has not been confirmed. Media reports have also discussed a potential valuation in the region of $5 billion, but the actual pricing will depend on the final offer documents and market conditions.

For investors, Razorpay’s listing could become an important test of how public markets value India’s large fintech platforms. Revenue growth, payment volumes, profitability, customer retention, competition and regulatory compliance will be important areas to examine when detailed financial disclosures become available.

The second company is Sembcorp Green Infra, which received SEBI’s observations on its IPO papers on November 13. The renewable energy producer is planning to raise ₹3,750 crore through a fresh issue of equity shares.

Unlike an offer for sale, a fresh issue brings the money into the company. Sembcorp Green Infra has proposed using the proceeds primarily to repay or prepay certain borrowings of the company and its subsidiaries.

This structure is important because the fundraising is designed to strengthen the balance sheet rather than provide an exit opportunity for existing shareholders. Lower borrowings could improve financial flexibility, although the actual benefit will depend on the debt repaid and future funding requirements.

Sembcorp Green Infra is backed by Singapore based Sembcorp Industries and is engaged in developing, constructing and operating renewable energy projects in India. Its portfolio covers wind, solar, hybrid power and battery energy storage.

As of March 2026, the company had approximately 3.60 GW of operational renewable energy capacity and around 3.58 GW under construction. The under construction portfolio includes renewable projects and battery storage capacity.

Its financial performance also provides an indication of the scale of the business. For FY26, revenue from operations stood at ₹2,652.5 crore, while net profit reached ₹371.08 crore.

The company is increasingly focusing on hybrid, storage backed, round the clock and firm renewable energy projects. These solutions can help address the challenge of supplying renewable electricity more consistently rather than depending only on when the sun shines or the wind blows.

However, renewable energy projects require substantial capital and careful execution. Investors will need to assess debt levels, project commissioning schedules, power purchase agreements, transmission connectivity and the returns generated by new capacity.

The third IPO involves MakeMyTrip India, the Indian subsidiary of Nasdaq listed travel platform MakeMyTrip. SEBI issued its observations on the company’s proposed IPO on November 6, bringing its planned domestic listing a step closer.

The proposed offering is expected to be an offer for sale by MakeMyTrip and its wholly owned subsidiary, ibibo Group Holdings. This means existing shareholders will sell their shares, rather than the Indian subsidiary necessarily raising fresh capital through the IPO.

The distinction matters because the proceeds from an offer for sale go to the selling shareholders. MakeMyTrip has indicated that the money received by the parent and ibibo Group Holdings is expected to strengthen the parent’s cash position and support long term growth, strategic acquisitions and securities related transactions.

Following the proposed listing, MakeMyTrip India is expected to remain a subsidiary of the parent company. Its financial results will continue to be consolidated with those of MakeMyTrip, according to the company’s regulatory disclosure.

The Indian travel business operates in a competitive market covering online bookings, flights, hotels, holiday packages and other travel services. A separate listing could improve its visibility, strengthen its identity in India and help it attract and retain technology talent.

But the business will also face challenges from competition, customer acquisition costs, pricing pressure and changes in travel demand. Investors will need to examine the Indian subsidiary’s own financial performance rather than relying only on the parent company’s overall results.

These three IPOs therefore offer very different investment stories. Razorpay represents digital payments and business financial services, Sembcorp Green Infra offers exposure to renewable power generation, while MakeMyTrip India provides a route into online travel.

SEBI’s final observations are an important regulatory milestone, but they are not an endorsement of any company’s valuation or investment potential. The companies still need to complete the applicable IPO process, publish the relevant offer documents and announce final issue details.

The next things investors should watch are the issue sizes, price bands, shareholding structures, use of proceeds, financial disclosures and listing timelines. The real opportunity will depend on the quality of each business, its financial strength and the price at which shares are offered.