Zepto IPO Anchor Book Nears Closure with Norges and Motilal Oswal Eyeing 40-45% Stake.
Recent developments surrounding Zepto’s upcoming IPO reveal significant interest from prominent investors, including Norway’s Sovereign Wealth Fund (Norges) and Motilal Oswal, who are expected to collectively acquire 40 to 45 percent of the company’s anchor book. This pivotal portion of the IPO, which represents 30 to 45 percent of the total offering estimated at approximately Rs 11,000 crore, is nearing closure. While Zepto’s valuation for the IPO stands at USD 5.1 billion, contrasting interests from some foreign investors are noted, as they suggest a pre-money valuation closer to USD 4.5 billion. This discrepancy could reflect varying perceptions of Zepto’s growth potential and market positioning.
The planned IPO emerges after a prior valuation of USD 7 billion in October 2025, during a funding round that attracted significant investments, including from CalPERS. This adjustment in valuation may indicate a broader trend of recalibration among startups in response to shifting market dynamics, particularly in the quick commerce sector where Zepto operates. The IPO structure includes a fresh issue of Rs 8,010 crore alongside an offer for sale of 11.35 crore equity shares by existing shareholders, which suggests a strategic approach to bolster liquidity while allowing current stakeholders to monetize their investments.
Financial projections for Zepto indicate a robust revenue generation capability, with reported operational revenues of Rs 22,624 crore and a net receivables value of Rs 24,816 crore for the financial year 2025-26. As the company prepares to list, it will find itself in competition with notable players like Eternal and Swiggy, each having their own quick-commerce divisions, namely Blinkit and Instamart, respectively. The ongoing expansion within India’s quick commerce sector presents both opportunities and challenges, reinforcing the necessity for Zepto to focus on operational efficiency and customer acquisition strategies to maintain its competitive edge post-listing.
Source: The Economic Times
(Expert Note: This report was prepared by the Wealthova team.)