SEBI clears IPOs of Zepto, 5 other firms
What's the story
The Securities and Exchange Board of India (SEBI) has approved the initial public offerings (IPOs) of six companies, including popular quick commerce player Zepto. The approval is a major boost for India's IPO pipeline, paving the way for one of the most anticipated new-age listings in 2026. The other five companies that received SEBI's nod are Dhoot Transmission, Horizon Industrial Parks, Hotel Polo Towers, Crystal Crop Protection, and Surgiwear.
Potential impact
Proposed IPO could raise up to $1.3 billion
Zepto's public market debut could raise up to $1.3 billion (about ₹11,000-12,000 crore), as per earlier reports. The company's proposed fundraising is expected to include a large fresh issue of about ₹11,000 crore and an offer-for-sale by early investors. If all goes according to plan, Zepto could become the youngest venture-backed Indian start-up to go public just four years after its inception.
Market competition
Zepto's IPO to bolster its cash reserves
The IPO comes at a crucial time for India's quick commerce battle, with Zepto taking on listed rivals Blinkit and Swiggy Instamart, as well as new entrants Flipkart Minutes and Amazon Now. The listing will also significantly bolster Zepto's war chest. As of late last year, the company had around ₹7,000 crore in cash compared to about ₹17,000-18,000 crore each with listed rivals Eternal and Swiggy.
Financial backing
Listing expected in Q3 2026
Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities, and Motilal Oswal are among the investment bankers working on Zepto's IPO. The proposed listing is expected in Q3 2026 and could be one of the biggest internet IPOs after Swiggy. Apart from Zepto, SEBI has also approved the IPOs of Dhoot Transmission (₹2,258 crore), Horizon Industrial Parks (₹2,600 crore), Hotel Polo Towers (₹300 crore), Crystal Crop Protection (₹600 crore), and Surgiwear.