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Investor interest is gathering pace for Zepto's upcoming initial public offering (IPO), with Norwegian Sovereign Wealth Fund (Norges) and Motilal Oswal emerging among the key institutions looking to participate in the anchor book, according to sources.
The two investors are expected to account for nearly 40–45 per cent of the anchor allocation, with the anchor book itself now nearing closure.
The anchor portion is likely to constitute 30–45 per cent of the total IPO, which is estimated to be worth around Rs 11,000 crore.
The issue is expected to value Zepto at around USD 5.1 billion, although some foreign investors have reportedly expressed interest at a lower pre-money valuation of approximately USD 4.5 billion.
In addition, three leading Indian bankers are understood to be in advanced discussions to invest in the anchor book through their respective mutual fund schemes, sources said.
The proposed IPO valuation represents a moderation from the USD 7 billion valuation Zepto achieved in October 2025, when it raised USD 450 million in a funding round led by the California Public Employees' Retirement System (CalPERS).
As per the draft red herring prospectus (DRHP) filed last month, the IPO will comprise a fresh issue of Rs 8,010 crore along with an offer for sale (OFS) of 11.35 crore equity shares by existing shareholders.
Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto initially filed its confidential IPO papers with the Securities and Exchange Board of India (SEBI) in December 2025 through the confidential pre-filing route.
Upon listing, Zepto will become the latest quick-commerce player on the Indian stock exchanges, joining Eternal and Swiggy, whose quick-commerce businesses operate under the Blinkit and Instamart brands, respectively.
The IPO comes amid robust growth in India's quick-commerce market. During FY2025-26, Zepto reported revenue from operations of Rs 22,624 crore and recorded a net receivables value (NRV) of Rs 24,816 crore.
