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Zepto gets Sebi approval for IPO, is updating its UDRHP and aims to list in 60-90 days, Moneycontrol says it plans to raise 800 million to 1 billion dollars
Zepto gears up to launch its IPO in within three months
Zepto IPO: Quick commerce startup Zepto has received key approval from the Securities and Exchange Board of India (Sebi) to bring its Initial public offering (IPO) and is working on the updated draft red herring prospectus (UDRHP) and looking to list in 60-90 days, according to a report by Moneycontrol.
Zepto is expected to raise between $800 and $1 billion (approximately Rs 7,500 to Rs 9,300 crore), the report added.
The startup is set to list on the exchanges after six years of its inception. Zepto was founded by Aadit Palicha and Kaivalya Vohra in 2020. So, it will become the youngest startup to list on the exchanges.
The 10-minute delivery platform is working with Axis Bank Ltd., Motilal Oswal Investment Advisors Ltd., and Indian units of Morgan Stanley, HSBC Holdings Plc and Goldman Sachs Group Inc. to submit its draft red herring prospectus through the confidential filing route, according to earlier Bloomberg report.
The proposed IPO is expected to include a fresh issue of shares along with an offer for sale by existing investors. The proceeds are likely to be used to fund expansion, including strengthening its dark-store network and last-mile delivery infrastructure. The final issue size and timing are still under discussion and could change.
Zepto will join Eternal (Zomato) and Swiggy on the exchanges once it is listed next year amid the cut-throat competition in the quick commerce segment. Zepto is among top three quick commerce startups.
Other players like Tata’s BigBasket, Flipkart Minutes, Amazon Now are all adding to the competitive intensity.
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