Zepto, Shiprocket join Rs 25,000 crore IPO pipeline on D-Street
More than 12 companies are expected to tap India’s public markets in the coming month. Quick-commerce firm Zepto is planning a fresh issue of up to Rs 8,010 crore, while Shiprocket’s Rs 2,342.35 crore IPO includes a Rs 1,100 crore fresh issue.
What happened
Quick-commerce firm Zepto and ecommerce logistics platform Shiprocket are among more than 12 companies preparing Indian IPOs expected to raise over Rs 25,000
Key facts
- More than 12 companies
- Over Rs 25,000 crore combined expected fundraising
- Zepto: up to Rs 8,010 crore fresh issue plus OFS of up to 11.34 crore equity shares
- Shiprocket: Rs 2,342.35 crore IPO, including up to Rs 1,100 crore fresh issue and Rs 1,242.35 crore OFS
- Milky Mist Dairy Food: Rs 1,553 crore
- 36 companies launched IPOs so far this year
- India may raise around USD 20 billion through IPOs this calendar year
Why this matters
Upcoming listings could create publicly valued acquisition currencies and clearer valuation benchmarks for logistics, quick-commerce and commerce-enablement assets.
What to watch
- DRHP filing details, including revenue growth, EBITDA or contribution-margin trajectory, customer concentration, related-party disclosures and use of fresh proceeds.
- IPO valuation relative to private-market marks and listed peers such as food delivery, retail, logistics and marketplace companies.
- Anchor-book quality, subscription levels across QIB, HNI and retail segments, and grey-market-premium direction.
- Zepto's cash burn, dark-store expansion pace, average order values, delivery economics and competitive response from Blinkit, Swiggy Instamart and other rivals.
- Shiprocket's merchant growth, shipping volumes, take rate, logistics-partner dependence and cross-border business contribution.
- Broader Indian equity-market liquidity, foreign institutional flows, interest-rate expectations and performance of concurrent IPOs.
- Zepto is likely to sharpen IPO messaging around quick-commerce category growth, dark-store economics, customer retention, unit economics and a path to sustained profitability.
- Shiprocket is likely to position its fresh capital around merchant acquisition, logistics-network expansion, technology investment and cross-border commerce capabilities.
- Competing quick-commerce firms and e-commerce enablers may accelerate fundraising, profitability initiatives and governance upgrades to preserve strategic optionality.
- Banks, brokers and institutional investors will intensify comparable-company analysis, especially versus listed food delivery, retail, logistics and consumer-platform stocks.
- Large retail groups may revisit partnerships, acquisitions or investments in logistics-tech and hyperlocal delivery assets as public valuations establish clearer benchmarks.