Fintech Razorpay shortlists four bankers; offer may top USD 700 million (~INR 6,300 crore) with a mix of primary and secondary shares
Fintech Razorpay has shortlisted Axis Capital, Kotak Mahindra Capital, JPMorgan and Citigroup to steer its proposed IPO, according to a report. The move marks a key step in the Bengaluru-based fintech’s push towards a domestic listing after completing its reverse flip to India last year.
Razorpay IPO Merchant Bankers Finalization
While final terms are still being worked out, the company is weighing an public offer in excess of USD 700 million (~INR 6,300 crore) that could comprise both a fresh issue and an offer for sale by existing investors. The syndicate could expand as the process progresses.
Earlier reports indicated that Razorpay had evaluated a fresh issue of up to INR 4,500 crore, with a potential mid-2026 listing subject to market conditions and board approvals. However, there are no official comments from the company’s side.
Razorpay IPO: Domicile Shift, Licences & Scale
Razorpay completed its reverse flip to India on 29 May 2025, after securing approvals, and is understood to have incurred around INR 1,245 crore in domicile-related taxes. The company has since secured key Reserve Bank of India permissions, including online, cross-border and offline payment aggregator licences; its POS arm received the offline aggregator nod in January 2026.
The Razorpay says it serves millions of businesses across online and offline channels and continues to scale newer lines such as RazorpayX and POS alongside its gateway franchise, according to prior company interactions captured in industry coverage.
Razorpay IPO: Financials
Razorpay’s fiscal year ending March 2025 underscores both the scale and challenges of its rapid expansion. The company reported a 65% jump in consolidated revenue to INR 3,783 crore, up from INR 2,296 crore in FY24. Its gross profit surged 41% to INR 1,277 crore.
However, the fintech slipped into the red for the fiscal year, posting a net loss driven by INR 1,209 crore in ESOP-related expenses. Backers include GIC, Peak XV Partners and Tiger Global, and private-market valuations in recent coverage have hovered around USD 7.5 billion (~INR 70,000 crore).
Management Commentary
“We have enough cash in the bank and have very patient investors,” chief financial officer Arpit Chug said earlier, adding that the company would approach public markets thoughtfully. In a separate interaction, cofounder and CEO Harshil Mathur said, “Public markets appreciate the predictability of business the most.”
Razorpay IPO Snapshots
- Razorpay IPO Lead Bankers: Axis Capital, Kotak Mahindra Capital, JPMorgan, Citigroup
- Razorpay IPO size (expected): Around INR 6,300 crore; mix of primary and secondary shares under discussion
- Domicile Shift: Reverse flip to India completed on May 29, 2025; estimated taxes ~INR 1,245 crore
- Licences: RBI online, cross-border and offline payment aggregator approvals; POS offline PA nod in Jan 2026
- Financials: FY24 total income INR 2,501 crore (+9% YoY); net profit ~INR 35 crore; FY25 revenue reported ~INR 3,900 crore
Bottomline: Shortlisting four bookrunners for Razorpay IPO signals the company’s intent to accelerate its public-market journey. Final sizing, structure and timing will hinge on board decisions and market conditions, but the domicile shift, regulatory clearances and a path to profitability suggest the groundwork for an IPO is largely in place.
For more details related to IPO GMP, SEBI IPO Approval, REIT, InvIT and Live Subscription stay tuned to IPO Central.