It is reported that Norges and Motilal Oswal are expected to account for 40 to 45% of the anchor book, which is close to being finalized.
A request for comment sent to Zepto went unanswered.
The anchor book is anticipated to represent 30 to 45% of the total issue, estimated at approximately ₹11,000 crore.
Current valuations place the company at $5.1 billion for the offering, although some international investors have shown interest at a pre-money valuation of about $4.5 billion, according to sources close to the situation.
Moreover, three leading Indian bankers are reportedly in advanced discussions to invest in the anchor book via their mutual funds, they mentioned.
The $5.1 billion valuation reflects a decrease from the $7 billion valuation Zepto achieved in October 2025, when it secured $450 million in a funding round led by the California Public Employees’ Retirement System (CalPERS).
As per draft documents submitted by Zepto last month, the total issue will consist of a fresh issue of ₹8,010 crore and an offer for sale (OFS) of 11.35 crore equity shares by current shareholders.
Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto initially filed its preliminary IPO documents in December 2025 via the confidential pre-filing process with the Securities and Exchange Board of India (SEBI).
If successful, Zepto will join Swiggy and Zomato on the stock markets, directly competing with their respective quick-commerce segments, Blinkit and Instamart.
This public offering is occurring at a time when India’s quick commerce sector is rapidly expanding. For the financial year 2025-26, Zepto reported operational revenues of ₹22,624 crore and a net receivables value (NRV) of ₹24,816 crore.
