Raphe mPhibr is not listed on NSE or BSE, so there is no official exchange-traded Raphe mPhibr share price. Raphe Mphibr Private Limited remains a private company, and Credivant found no Raphe mPhibr DRHP in SEBI's public-issue filings during a fresh review on 5 October 2026.
Any price quoted by an unlisted-share dealer, broker or private-market platform should therefore be treated as a negotiated private-market quote, not as an NSE/BSE price. That difference matters because private-company transactions can involve different share classes, transfer restrictions and investor rights that do not exist in normal exchange trading.
| Investor question | Current answer |
|---|---|
| Is Raphe mPhibr listed on NSE/BSE? | No |
| Does it have an official live share price? | No |
| Has Raphe filed a public DRHP with SEBI? | No filing found in Credivant's 5 Oct 2026 review |
| Latest major disclosed funding round | $100 million, June 2025 |
| Total capital raised after that round | $145 million, company-reported |
| Reported 2025 valuation | Nearly $900 million, reported by The Economic Times |
| Can normal retail investors buy it through Zerodha/Groww/Upstox? | No |
| Has management discussed a future IPO? | Yes, but only as a possible future plan |
For the operating-business story—products, defence customers, order book, FY26 execution problems, working capital and manufacturing strategy—see Credivant's separate analysis: Raphe mPhibr: Inside India's Fast-Rising Defence Drone Powerhouse. This page is intentionally focused on investor access, private valuation and IPO status so the two articles answer different search intents.
Is Raphe mPhibr a listed company?
No. The legal entity is Raphe Mphibr Private Limited. Its LEI record, validated against the Ministry of Corporate Affairs registration authority, identifies it as a private limited company under CIN U26990UP2017PTC095246.
Because Raphe is private, it has no NSE or BSE ticker and there is no transparent public order book continuously matching buyers and sellers. Search results that use phrases such as “Raphe share price”, “pre-IPO price” or “unlisted stock price” can therefore create a false impression that one official market price exists.
Private transactions work differently. The price can depend on who is selling, which security is being transferred, the rights attached to that security, the size of the transaction and any contractual restrictions on transfer. Two investors can therefore pay different effective prices for exposure to the same private company.
What is Raphe mPhibr's latest reported valuation?
Raphe announced a $100 million funding round in June 2025, led by General Catalyst with participation from existing investors including Think Investments, Amal Parikh and other family offices. Raphe's own announcement said the round took its total capital raised to $145 million, while General Catalyst described the company as a next-generation Indian defence and aircraft-manufacturing business.
The Economic Times reported that the round valued Raphe at nearly $900 million. That is a reported private-round valuation, not a public-market capitalisation and not an official per-share market price.
The distinction is important because a private financing round can include preference rights, liquidation preferences, conversion terms and other protections that ordinary equity holders may not receive. Dividing the reported valuation by an assumed number of shares can therefore produce a misleading “share price” unless the fully diluted capital structure and security terms are known.
Who owns Raphe mPhibr?
Raphe does not publish a listed-company-style quarterly shareholding pattern, so there is no continuously updated public cap table showing exact fully diluted ownership percentages for promoters, institutions, employees and other investors. Public funding announcements do, however, identify important investors including General Catalyst, Think Investments and Amal Parikh, along with other family-office investors disclosed at a high level.
CARE Ratings adds useful context on Raphe's capital raising. Its April 2025 report said the company had raised ₹120 crore of equity in August 2024 and another ₹365 crore through compulsory convertible preference shares, or CCPS, in March 2025. The April 2026 review again highlighted the company's ability to raise equity and preference capital.
This is why simple ownership estimates should be treated cautiously. A $100 million funding round divided by a reported valuation does not necessarily reveal an investor's true ownership percentage, because several investors may participate, the valuation may be pre-money or post-money, and CCPS, ESOPs or other securities can change the fully diluted denominator.
Without an authoritative fully diluted cap table, exact current ownership percentages should not be presented as confirmed facts.
Is there an official Raphe mPhibr unlisted share price?
No. A private-market intermediary may quote a price, but that quote is not equivalent to an NSE/BSE market price because private-company transactions are not continuously matched in a transparent public order book.
Before treating any quoted price as meaningful, an investor would need to understand exactly what is being offered. The most important questions are the security class, number of fully diluted shares, transfer restrictions, right-of-first-refusal clauses, company approval requirements, settlement process and the rights attached to the seller's shares.
The valuation implied by the quote also needs to be compared with the economics of the security. Institutional investors may hold preference securities with rights that an ordinary secondary buyer does not receive, so a private quote can look cheap or expensive for reasons that are not visible from the headline number alone.
Can a retail investor buy Raphe mPhibr shares before an IPO?
There is no normal exchange route. Raphe cannot be bought through Zerodha, Groww, Upstox or another retail broker in the same way as a listed stock because it is not admitted to trading on NSE or BSE.
Private-company exposure can still arise through several structures, but availability depends on the company, the seller and the investor's eligibility.
| Possible route | What it means | Main risk |
|---|---|---|
| Private secondary purchase | Buy shares from an existing holder | Price opacity and transfer restrictions |
| Future private funding round | Invest directly if the company accepts the investor | Usually institutional/HNI access |
| AIF/VC/PE vehicle | Indirect exposure through a fund | Fees, eligibility and lock-in |
| Unlisted-share intermediary | Dealer sources shares from a seller | Counterparty, title and settlement risk |
| Future IPO | Buy once shares are publicly offered/listed | No confirmed Raphe IPO timetable today |
These are descriptions of possible structures, not recommendations to use them. One practical issue is transferability itself: a quoted security is not investable merely because an intermediary displays a price, and the buyer should establish whether the shares can legally and operationally be transferred before any money changes hands.
Why private shares carry extra risks
The central risk is not only whether Raphe's business performs well. Private-market investors also face liquidity, valuation, share-class and information risks that are much smaller or more transparent in listed markets.
Liquidity can be limited because there is no guarantee that another buyer will be available later at the same price. Valuation is also less transparent because private rounds are negotiated transactions and may include rights that make the headline valuation difficult to compare with ordinary equity.
Share-class risk matters because Raphe has raised CCPS as well as equity. Preference securities can convert on specified terms and can alter the economics for different holders. Information risk is equally important: unlike a listed company, Raphe does not publish exchange-style quarterly financials, shareholding patterns, related-party disclosures and material-event filings on a continuous basis.
For that reason, an investor considering an unlisted transaction should verify not only the company but also the exact security, seller title, transfer process and implied fully diluted valuation.
Has Raphe mPhibr filed for an IPO?
Credivant re-checked SEBI's public-issue filings on 5 October 2026 and found no Raphe mPhibr DRHP. That means there is no formal public-offer document from which investors can yet verify the proposed issue structure, selling shareholders, use of proceeds or public-offer timetable.
Management has nevertheless discussed a possible future listing. In a 2025 interview with TechCrunch, CEO Vivek Mishra said Raphe could potentially go public within two to five years. That was management commentary rather than a committed IPO date.
A DRHP would materially improve investor visibility because it should disclose the pre-IPO capital structure, recent share issuances, CCPS conversion terms, ESOP dilution, acquisition costs of key shareholders, customer concentration, financial statements, litigation, contingent liabilities and whether the offer contains a fresh issue, an OFS or both.
Until such a filing appears, “Raphe IPO” should be treated as a future possibility rather than a scheduled public issue. If a DRHP is eventually filed, Credivant's IPO RHP red-flag checklist will provide the better framework for analysing it.
What does the reported $900 million valuation mean for an investor?
The reported valuation cannot be judged purely from funding headlines. CARE Ratings downgraded Raphe's bank-facility rating to CARE BB+; Stable in April 2026 after execution delays contributed to weak operational performance in FY25 and severe losses in 9MFY26. CARE reported 9MFY26 total operating income of ₹12.67 crore, PBILDT loss of ₹158.29 crore and PAT loss of ₹183.60 crore.
At the same time, CARE described Raphe as having a strong order-book position and highlighted its ability to raise capital. The investment case therefore depends heavily on whether Raphe can convert its backlog and manufacturing investment into accepted deliveries, revenue and cash while funding a large research and production base.
Those operating questions are important, but they belong in the separate Raphe company deep dive. On this page, the narrower takeaway is that a private-round valuation should not be treated as proof that an unlisted share quote is attractive.
What should investors watch next?
The most useful developments will be formal, verifiable events rather than market chatter. A DRHP filing, disclosure of the pre-IPO capital structure, conversion of preference securities, another funding round, FY27 revenue recovery or appointment of investment bankers would materially change what can be known about Raphe's investability.
Until then, investors should be especially cautious with claims about “current share price” or “IPO price”. A private quote may be real, but without the security terms and fully diluted capital structure it is not comparable with a normal listed-market price.
Frequently Asked Questions
What is Raphe mPhibr's share price today?
There is no official NSE or BSE share price because Raphe mPhibr is unlisted. Any price shown by a private intermediary is a negotiated unlisted-market quote.
Is Raphe mPhibr listed on NSE?
No. Raphe Mphibr Private Limited is not listed on NSE or BSE.
Can I buy Raphe mPhibr shares on Zerodha or Groww?
No. Normal retail brokers cannot offer Raphe as an exchange-traded stock because it is not listed.
What was Raphe mPhibr's latest reported valuation?
The Economic Times reported that Raphe's June 2025 funding round valued the company at nearly $900 million. This was a reported private-round valuation, not an exchange market capitalisation.
When is Raphe mPhibr's IPO?
There is no confirmed IPO date. Management said in 2025 that a listing could potentially happen within two to five years, but Credivant found no Raphe DRHP in SEBI filings as of 5 October 2026.
Bottom Line
Raphe mPhibr is a significant private Indian defence-technology company, but it is not currently a listed stock. There is no official NSE/BSE share price, no public quarterly shareholding pattern and no Raphe DRHP found in SEBI's public-issue filings during Credivant's 5 October 2026 review.
The strongest public reference points are the company's $100 million June 2025 funding round, its stated $145 million total capital raised, and the nearly $900 million valuation reported by The Economic Times. None of those figures is an official unlisted share price.
For anyone considering a private transaction, the central work is to verify the exact security class, transferability, fully diluted valuation, seller title and liquidity before treating a quoted number as investable. For the operating business itself—technology, customers, order book, FY26 execution and CARE financials—use Credivant's separate Raphe mPhibr company analysis.
Disclaimer: Raphe mPhibr is an unlisted private company. This article is for educational and informational purposes only and is not a recommendation to buy, sell or seek private-company shares. Private transactions can involve significant legal, liquidity, valuation, tax and settlement risks.
