Zepto, PhonePe, Oyo and boAt among consumer firms in India’s IPO pipeline
Axis Capital expects stronger IPO momentum in Q2 FY27. It says 146 companies with SEBI approval await market entry, while 65 more have filed draft papers; prospective consumer listings include Zepto, PhonePe, Oyo, Cult.fit, Snapdeal and boAt.
What happened
Axis Capital expects stronger Indian IPO activity in Q2 FY27, with consumer-facing firms including Zepto, PhonePe, Oyo, Cult.Fit, Snapdeal and boAt among the
Key facts
- 146 companies have SEBI approval and await market entry
- 65 companies have filed DRHPs awaiting SEBI observations
- 33 companies submitted confidential DRHPs since March 2025
- 12 mainboard IPOs entered the market in July
- 407 IPOs tracked between July 2020 and July 2026
- Average listing gain was 21%
- Average return from issue price was 66% as of July 31, 2026
Why this matters
Prospective IPOs for Zepto, PhonePe, Oyo and boAt may reset sector valuations and create a narrower window for partnerships or acquisitions before targets gain public-market financing.
What to watch
- SEBI observation letters, updated DRHPs and RHP filings from Zepto, PhonePe, Oyo, boAt, Cult.fit and Snapdeal.
- Q2 FY27 market performance, India VIX, FPI flows and subscription levels for the first major consumer-tech offerings.
- Anchor-book composition and the share of fresh capital versus offer-for-sale proceeds.
- Evidence of improving unit economics: contribution margin, EBITDA, repeat purchase rates, customer-acquisition cost and cash burn.
- Pricing discounts or premiums relative to the companies' most recent private funding rounds.
- Post-listing performance of early consumer-tech IPOs, which will influence the launch timing of the rest of the queue.
- Track which consumer issuers convert SEBI approval into launch dates, especially companies with recognizable brands and large retail-investor appeal.
- Expect pre-IPO actions: profitability narratives, governance upgrades, ESOP clean-ups, subsidiary restructuring and anchor-investor outreach.
- Benchmark issue pricing against listed Indian internet and consumer-platform peers rather than peak private-market valuations.
- Watch for a secondary effect on private funding: credible IPO candidates could attract late-stage capital, while firms without a clear listing path face tougher fundraising terms.
- Retail brands and marketplaces may accelerate omnichannel expansion, advertising monetization and loyalty programs to demonstrate durable revenue quality before listing.