Summary of this article
Zepto will file an updated DRHP this week.
The public issue size stands at Rs 11,000 crore.
Zepto targets a stock market listing by July end.
The primary market is set to see strong activity in the second half of the calendar year, as quick commerce major Zepto is set to launch its public issue and make its D-Street debut. The quick commerce firm is set to file an updated draft red herring prospectus (DRHP) in the coming week.
Zepto IPO: Key Dates
The company had first filed draft papers for its public issue in December 2025 through the confidential pre-filing route, which allowed the start-up to receive private, iterative feedback from the Securities and Exchange Board of India (Sebi) regarding its financials and disclosures without exposing sensitive business data to its listed rivals early in the process.
Following the review, Zepto successfully secured its formal approval (observation letter) from Sebi in early May 2026, clearing the path for the upcoming updated DRHP.
The filing of the updated draft papers by Zepto this week is set to kickstart the next phase of the public issue process in which the company will conduct investor roadshows, according to a report by NDTV Profit.
Zepto IPO: Issue Size
The quick commerce firm is seeking to raise nearly Rs 11,000 crore through its public offering, making the public issue one of the largest initial public offerings (IPOs) in terms of offer size in 2026.
While the exact composition of the issue is not known, founders of Zepto, Aadit Palicha and Kaivalya Vohra are not likely to pare stake as the company moves ahead with its D-Street debut. To facilitate the company’s domestic listing, Zepto undertook a corporate restructuring (reverse flip) to migrate its parent entity's domicile from Singapore back to India.
Investment banking consortiums, including Goldman Sachs, Morgan Stanley, HSBC, Axis Capital, and JM Financial, have been appointed to manage the issue
Zepto’s Listed Peers and Competitors
The upcoming IPO arrives at a time when the Indian quick-commerce market has undergone a dramatic structural transformation. The sector’s gross order value (GOV) has surged past $7.60 billion, capturing over 10 per cent of the total online retail market.
Zepto’s competitors include Tata’s BigBasket, Flipkart Minutes, and Reliance’s JioMart. The company’s listed peers include Swiggy and Eternal which operate the quick commerce platforms Blinkit and Instamart. The upcoming IPO is expected to provide public market investors more investment options within the broader ecommerce space.
Notably, Eternal’s initial public offering took place in July 2021, which valued the company at roughly Rs 1 lakh crore at launch. On the other hand, Swiggy completed its stock market listing on November 8, 2024.
Blinkit, Swiggy Instamart and Zepto remain locked in a tight race for market share as the market continues to expand and ecommerce giants, such as Flipkart and Amazon deepen the competition.
