‘Public Ltd’ tag: PhonePe, Razorpay closer to IPOs

Fintech giants PhonePe and Razorpay are transitioning into public limited companies, signaling their IPO readiness in India. PhonePe’s conversion awaits approvals, while Razorpay’s move aligns with its re-domiciliation and anticipated 2026-27 IPO. These steps enable both companies to access Indian capital markets, with PhonePe addressing UPI market-share limits and Razorpay streamlining its structure.