Zepto IPO anchor book nears closure; Norges, Motilal Oswal may take 40-45%

Norges and Motilal Oswal are said to corner 40 to 45 per cent of the anchor book, which is nearing its closure.

A mail sent to Zepto did not elicit any response.

The anchor book itself is likely to be 30 to 45 per cent of the overall issue, which is estimated at around Rs 11,000 crore.

Meanwhile, the company’s valuation is pegged at USD 5.1 billion for the issue, even as some foreign investors have indicated interest at a pre-money valuation of around USD 4.5 billion, sources familiar with the matter said.

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Furthermore, three top Indian bankers are also in advanced talks to invest in the anchor book through their respective mutual funds, they added.
The USD 5.1 billion IPO valuation marks a moderation from the USD 7 billion valuation Zepto commanded in October 2025, when it raised USD 450 million in a funding round led by the California Public Employees’ Retirement System (CalPERS).According to draft papers filed by Zepto last month, the overall issue size will comprise a fresh issue of Rs 8,010 crore and 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 filed its preliminary IPO papers in December 2025 through the confidential pre-filing route with the Securities and Exchange Board of India (Sebi).

If the listing goes through, Zepto will join Eternal and Swiggy on the stock exchanges, competing directly with their respective quick-commerce arms, Blinkit and Instamart.

The public issue comes at a time when India’s quick commerce sector is witnessing rapid expansion. For the financial year 2025-26, Zepto reported revenue from operations of Rs 22,624 crore and a net receivables value (NRV) of Rs 24,816 crore.