Zepto IPO anchor book nears closure; Norges, Motilal Oswal may take 40-45%
Zepto's ₹11,000 crore IPO anchor book is closing with Norges and Motilal Oswal set to absorb 40-45%. The issue is pegged at a $5.1 billion valuation, down from $7 billion in October 2025, comprising an ₹8,010 crore fresh issue and an 11.35 crore-share OFS.
What happened
Zepto's IPO anchor book nears closure, with Norges and Motilal Oswal likely taking 40-45%. The ₹11,000 crore issue is pegged at a $5.1 billion valuation, down
Key facts
- 40-45% anchor book
- ₹11,000 crore issue
- $5.1 billion valuation
- $4.5 billion pre-money
- $7 billion Oct 2025 valuation
- $450 million funding
- fresh issue ₹8,010 crore
- OFS 11.35 crore shares
- FY25-26 revenue ₹22,624 crore
- NRV ₹24,816 crore
Why this matters
The valuation cut and heavy OFS component point to existing backers seeking partial exits amid a cooling quick-commerce funding environment, reshaping the competitive M&A and consolidation calculus across the sector.
What to watch
- Final anchor allotment disclosure and lock-in terms
- Subscription numbers by investor category
- Listing-day open vs issue price
- Q-commerce unit economics / contribution margin updates in RHP
- Any further valuation revision before listing
- Watch price band finalization vs the $5.1B implied valuation
- Track QIB and retail subscription multiples on Day 1-3
- Monitor grey market premium (GMP) as sentiment proxy
- Assess how fresh issue proceeds (₹8,010cr) are earmarked — dark store expansion vs debt/marketing
- Gauge competitor response from Blinkit and Swiggy Instamart