Razorpay picks Axis, Kotak, Citi, and JPMorgan to manage its IPO

Synopsis Digital payments major Razorpay has appointed Axis Capital, Kotak Mahindra, JP Morgan, and Citibank as investment banks for its upcoming public listing. The company, valued at $7.5 billion, is reportedly aiming for an IPO towards the middle of this year. Razorpay recently completed a reverse-flip to India and competes with listed and soon-to-be-listed fintech players. Digital payments major Razorpay has finalised four investment banks for its upcoming public listing, according to two people in the know. Axis Capital, Kotak Mahindra, JP Morgan, and Citibank are set to be the four who will manage the initial public offer (IPO). One or two more investment banks might join, one of the sources said. ET had reported on January 9 that Razorpay had started work on its public listing in early 2026 and was looking to raise Rs 4,500 crore in a fresh issue of shares. Axis Capital and Kotak Mahindra were then the frontrunners. Emailed queries to Razorpay went unanswered. Backed by the likes of GIC and Peak XV Partners, Razorpay is valued at $7.5 billion in the private market. The company could aim for the IPO towards the middle of this year, according to those quoted above. In May 2025, the company, which was initially registered in the US, completed the formalities for a reverse-flip to India. Razorpay is authorised as a payment aggregator by the Reserve Bank of India and offers online, offline, and cross-border payments. The company, which primarily works with small and mid-size merchants, also entered the consumer payments space by acquiring a majority stake in Pop in June 2025. The fintech primarily competes with Paytm, Cashfree, and PhonePe. While Paytm is already listed, PhonePe filed its updated draft prospectus with stock market regulator Sebi in January. Moneycontrol was the first to report the names of the four investment banks. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Subscribe Now