Razorpay, Zetwerk, Lenskart Are All Lining Up Bankers — Why India's Unicorn IPO Queue Is the Hottest Opportunity in Your Investment Banking Course Right Now
The Indian financial ecosystem is currently witnessing a historic milestone that is reshaping the career aspirations of thousands of finance professionals. As we move deeper into 2025, the buzz in the boardrooms of Mumbai and Bengaluru is no longer just about venture capital funding rounds or private valuations. The conversation has shifted decisively toward the public markets. India's most celebrated unicorns, including fintech giant Razorpay, B2B manufacturing powerhouse Zetwerk, and eyewear leader Lenskart, are all lining up their investment bankers for what is being hailed as the hottest IPO queue in a decade.
For anyone currently enrolled in an Investment Banking Course or considering an Investment Banking Program, this is not just financial news. It is a signal of a massive hiring wave. When a unicorn decides to go public, it doesn't just need a single banker; it needs a small army of analysts, associates, and vice presidents to navigate the complex journey from a private entity to a listed corporation. The appointment of top-tier firms like Axis Capital, Kotak Mahindra Capital, JP Morgan, Citi, Goldman Sachs, and Morgan Stanley for these mandates underscores the sheer scale of the opportunity.
If you are looking to break into the industry, understanding the mechanics of these mega IPOs is essential. These deals are the practical application of everything taught in a top-notch Investment Banking Course. From the initial valuation models to the final roadshows, the unicorn IPO boom is providing a real-world laboratory for the next generation of investment bankers.
The Scale of the Unicorn IPO Wave
The numbers involved in these upcoming listings are staggering. Razorpay, a company that has fundamentally changed the digital payments landscape in India, has reportedly appointed Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi as its primary bankers. The fintech leader is targeting an IPO size of approximately 600 to 700 million dollars. This is not just a capital raise; it is a statement of maturity for the entire Indian startup ecosystem.
Similarly, Zetwerk has appointed six major bankers, including global heavyweights like Goldman Sachs and Morgan Stanley, alongside domestic leader Kotak, for a planned 450 million dollar IPO. Lenskart, which has successfully scaled its omnichannel retail model across borders, is also in the advanced stages of its public market debut.
For a student in an Investment Banking Program, these names represent more than just brand logos. They represent complex financial structures, diverse revenue streams, and the challenge of valuing high-growth tech companies in a volatile global market. The sheer volume of these deals means that investment banks are actively looking for fresh talent who can hit the ground running.
What Happens Inside the Investment Banking Team?
To appreciate why an Investment Banking Course is so critical right now, one must look at the work that goes on behind the scenes of a unicorn IPO. The process is a high-stakes marathon that requires a blend of technical expertise, regulatory knowledge, and strategic thinking.
The Valuation Exercise and Pitching Before a bank is even appointed, there is an intense pitching process. This is where the skills learned in an Investment Banking Program are first put to the test. Bankers must present a compelling valuation of the unicorn. For a company like Razorpay, this involves looking at transaction volumes, take rates, and long-term margin expansion. Imarticus ensures that its students understand these valuation nuances, moving beyond simple multiples to a deep dive into the drivers of tech-enabled businesses.
The DRHP Filing: The Legal and Financial Bible Once appointed, the work begins on the Draft Red Herring Prospectus. This is perhaps the most critical document in the life of a company. It contains every detail of the company's financial health, risks, and growth strategies. An investment banker spends hundreds of hours ensuring that the financial statements are presented accurately and that all legal disclosures are met. This requires a level of attention to detail that only a structured Investment Banking Course can instil.
Due Diligence: Verifying the Story Investment bankers act as the gatekeepers of the public markets. They must conduct rigorous due diligence to ensure that the claims made by the unicorn are backed by data. This involves looking at contracts, verifying customer numbers, and auditing internal controls. Imarticus teaches its students the rigour required for such tasks, ensuring they understand the responsibility that comes with the title of an investment banker.
The Roadshows and Investor Relations Once the regulator clears the DRHP, the bankers take the company on a roadshow. They present the company to institutional investors across the globe. This is where the soft skills of an investment banker come into play. Being able to explain a complex business model to a hedge fund manager in London or a pension fund in New York is an art. A comprehensive Investment Banking Program includes training on communication and presentation, preparing students for these high-pressure interactions.
Mapping IPO Tasks to Your Investment Banking Course
The beauty of the current Indian market is that the skills you learn in a classroom are directly applicable to the deals making headlines today. Let us break down how specific modules in an Investment Banking Course map to the unicorn IPO process.
Financial Modelling and Projections When valuing a company like Zetwerk, which operates in the B2B manufacturing space, a standard spreadsheet will not suffice. You need to model supply chains, raw material price fluctuations, and inventory cycles. Imarticus doesn't just teach you how to build a model; it teaches you how to build a robust, dynamic model that can withstand the scrutiny of global investors. This is the bedrock of any IPO mandate.
Equity Capital Markets ECM Knowledge An IPO is a primary function of the Equity Capital Markets desk. Understanding the difference between a fixed price issue and a book building process is fundamental. An Investment Banking Program provides the theoretical framework of how shares are priced, how the greenshoe option works, and how the allotment process is handled.
Regulatory Framework and SEBI Guidelines The Securities and Exchange Board of India has strict guidelines for IPOs. From the eligibility criteria to the pricing bands, every step is regulated. A top-notch Investment Banking Course includes a deep dive into these regulations. Understanding the SEBI ICDR regulations is not just for lawyers; it is a core requirement for any banker working on an Indian IPO.
Industry Benchmarking and Relative Valuation How do you value Lenskart? Do you compare it to a traditional retailer or a global tech platform? This is where industry benchmarking comes in. Investment banking graduates are expected to know how to select the right peer group and apply the correct valuation multiples. The curriculum at Imarticus is designed to provide this cross-sectoral perspective, ensuring that students can adapt to any industry.
Why the IPO Pipeline is a Golden Opportunity for Careers
The current queue of unicorns is not a temporary trend; it is the beginning of a long-term cycle. There are over 100 unicorns in India, and many of them have reached the scale where a public listing is the natural next step. This creates a sustainable career path for those who have completed an Investment Banking Course.
Increased Hiring at All Levels The workload associated with these mega IPOs is immense. Each mandate requires a dedicated team of analysts. Banks are currently expanding their teams to ensure they can handle multiple IPOs simultaneously. This has led to a surge in placements for graduates of an Investment Banking Program.
The Prestige of Deal Experience Having a brand like Razorpay or Lenskart on your CV is invaluable. It shows that you have worked on a deal that was subjected to the highest level of global scrutiny. For a young professional, being part of the team that takes a household brand public is a career-defining experience.
Exposure to Global Standards Since many of these IPOs involve global bankers like JP Morgan or Goldman Sachs, Indian analysts get exposure to international best practices. This global perspective is a key focus area at Imarticus, where the curriculum is aligned with international standards.
Specialisation Opportunities The unicorn boom is also allowing bankers to specialise. Whether it is Fintech, SaaS, or D2C, investment bankers are now becoming industry experts. An Investment Banking Course provides the foundation, but the IPO boom allows for the practical specialisation that leads to rapid career progression.
Imarticus: Your Gateway to the IPO War Room
Navigating the world of investment banking requires a partner who understands the pulse of the industry. Imarticus has designed its Investment Banking Program to be more than just an academic exercise. It is a career transformation tool that prepares you for the realities of the Indian capital markets.
Imarticus doesn't just teach the theory of an IPO; it brings the IPO process to life through simulated deals and real-world case studies. The curriculum is constantly updated to reflect the latest changes in the Indian regulatory landscape, including the DPDP Act and the new SEBI listing norms.
The faculty at Imarticus consists of industry veterans who have been in the trenches of deal-making. They bring a level of insight that you cannot find in a textbook. Whether it is understanding how to handle a difficult investor question during a roadshow or how to stay calm during the final hours of a book-building process, the mentorship provided is unparalleled.
Furthermore, the career services at Imarticus ensure that you are connected with the right firms. With the unicorn IPO queue growing longer every day, the demand for skilled analysts is at an all-time high, and Imarticus is the bridge that connects ambitious students with top-tier investment banks.
The Evolution of the Indian Investment Banking Landscape
The Indian investment banking sector has evolved significantly over the last decade. Historically, the market was dominated by debt restructuring and mid-market M&A. However, the rise of the digital economy has shifted the focus toward Equity Capital Markets.
Today, an investment banker in India must be as comfortable talking about customer acquisition costs and churn rates as they are talking about EBITDA and debt equity ratios. This hybrid knowledge is what the current unicorn IPO boom demands. By enrolling in an Investment Banking Course that stays ahead of these trends, you are future-proofing your career.
The role of the investment banker has also become more collaborative. You are no longer just a numbers person; you are a strategic advisor. Companies like Razorpay and Zetwerk look to their bankers for advice on corporate governance, ESG standards, and long-term growth strategies. This expansion of the role makes it an even more exciting time to enter the profession.
Key Skills You Will Master in an Investment Banking Program
To be successful in the current IPO environment, there are several key skills that you must master. These are the core pillars of the Imarticus Investment Banking Course:
Advanced Excel and Financial Modelling: The ability to build error-free, complex models at speed.
Company Valuation: Mastering DCF, Trading Comps, and Transaction Comps.
Deal Structuring: Understanding how to structure an offer for sale vs. a fresh issue.
Capital Markets Analysis: Staying on top of market trends and investor sentiment.
Pitch Book Preparation: Creating compelling narratives that sell the company's vision.
Regulatory Compliance: Navigating the complex web of Indian and international securities laws.
Conclusion
The unicorn IPO queue, led by giants like Razorpay, Zetwerk, and Lenskart, is more than just a series of financial transactions. It is a testament to the strength and ambition of the Indian economy. For the investment banking community, it represents a period of unprecedented activity and growth.
There has never been a better time to start an Investment Banking Course. The skills you acquire today will be the very tools you use to take the next Indian unicorn public. Whether you are an aspiring analyst or a professional looking to pivot into high finance, the opportunities in India's IPO market are boundless.
Imarticus remains the premier destination for those who want to master these skills and secure a place in the boardrooms of the future. The Investment Banking Program offered by Imarticus is your ticket to the heart of the action. As the bankers at JP Morgan, Axis, and Kotak prepare for the next big listing, the question is: will you be ready to join them?
The path to becoming a top-tier investment banker is challenging, but with the right training and a market this vibrant, the rewards are extraordinary. The IPO queue is moving, and it is time for you to take your place in it.
Frequently Asked Questions
Which major Indian unicorns are currently planning an IPO? Companies like Razorpay, Zetwerk, Lenskart, Swiggy, and several others are in various stages of their IPO journey. Razorpay and Zetwerk have already appointed their lead bankers, indicating that their public debuts are approaching soon.
Which investment banks are most active in the Indian unicorn IPO space? Top-tier domestic banks like Axis Capital and Kotak Mahindra Capital are very active. Global giants like Goldman Sachs, Morgan Stanley, JP Morgan, and Citi also frequently lead these mega mandates due to their ability to reach international institutional investors.
How does an Investment Banking Course help me get a job in IPO management? An Investment Banking Course provides the technical foundation required for IPO work, including financial modelling, valuation, and an understanding of equity capital markets. Firms look for candidates who already understand the deal lifecycle and the regulatory requirements of an IPO.
What is a DRHP, and why is it important in an Investment Banking Program? DRHP stands for Draft Red Herring Prospectus. It is the preliminary registration document filed with the regulator SEBI before an IPO. Learning how to prepare and analyse a DRHP is a core part of an Investment Banking Program because it covers all the financial and legal aspects of a listing.
Is financial modelling essential for a career in investment banking? Yes, financial modelling is a non-negotiable skill. Whether you are valuing a startup like Razorpay or an industrial firm like Zetwerk, you must be able to project future earnings and cash flows accurately. This is a primary focus of the Imarticus Investment Banking Course.
What is the difference between a private valuation and a public market valuation? Private valuations are often based on future potential and venture capital sentiment. Public market valuations are more rigorous, focusing on sustainable profitability, peer comparisons, and market conditions. An Investment Banking Program teaches you how to bridge this gap.
Can I join an investment bank after a non-finance degree if I take a course? Yes, many investment banks value diversity in their teams. However, you must demonstrate strong quantitative skills and a deep understanding of finance, which a professional Investment Banking Course from a provider like Imarticus can help you achieve.
What is the expected salary for an entry-level investment banker in India? While salaries vary by firm, entry-level analysts at top-tier investment banks can expect competitive packages that often include significant performance-based bonuses, especially during active IPO years.
How long does the IPO process typically take for a unicorn? The process can take anywhere from six months to over a year. It involves several stages, including the appointment of bankers, due diligence, filing the DRHP, the marketing roadshow, and finally, the listing on the stock exchange.
Why is India seeing so many IPOs right now? The Indian economy is showing strong growth, and there is significant liquidity in the domestic markets. Additionally, many unicorns have reached a stage where they are profitable or have a clear path to profitability, making them attractive to public market investors.
