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

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.