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

Norwegian Sovereign Wealth Fund (Norges) and Motilal Oswal are amongst investors that have evinced interest to be a part of the anchor book portion of Zepto’s upcoming IPO, according to sources.

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 ₹11,000 crore.

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

Furthermore, three top Indian bankers are also in advanced talks to invest in the anchor book through their respective mutual funds, they added.

The $5.1 billion IPO valuation marks a moderation from the $7 billion valuation Zepto commanded in October 2025, when it raised $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 ₹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 ₹22,624 crore and a net receivables value (NRV) of ₹24,816 crore.