Zepto IPO: Updated DRHP Filing Next Week, July 2026 Aim

What is happening with Zepto’s IPO plan

Quick commerce startup Zepto is set to file its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) early next week, according to people familiar with the matter cited across reports in the provided material. The filing is a key step because Zepto had earlier taken the confidential route for its IPO documentation. With SEBI’s approval now in place, the company is moving toward a public update of its disclosures.

The Aadit Palicha-led company is also preparing to begin investor roadshows soon after the filing. Multiple reports in the material point to a timeline that could put the IPO launch later this month or in July, though the timing is still described as subject to change. Some passages also frame the listing window more broadly as the July to September quarter of 2026.

A consistent thread across the sources is sequence. File an updated DRHP, begin roadshows, and then proceed toward launch once the required regulatory and marketing steps are completed. Under local rules cited in the material, prospectuses must be public for at least 21 days before launch.

Updated DRHP filing: what changes now

Zepto had originally filed its IPO papers under the confidential route in December 2025. The updated DRHP is expected to incorporate the company’s latest financial and operational metrics. This matters because a refreshed document can bring disclosures closer to the most recent period, including any updated numbers Zepto needs to present to public market investors.

One report referenced in the material says the company received SEBI observations on May 10. Other passages describe this as SEBI’s go-ahead or approval for the IPO process, which enables the company to proceed with the next-stage filing and preparations.

The provided text also notes that Zepto may need to update its prospectus with updated FY26 numbers. Separately, one passage mentions the company needs to submit a certificate confirming it has completed its “testing the waters” process, expected in the next two to three weeks in that account.

How much Zepto may raise

The most frequently cited fundraise number in the provided material is around ₹11,000 crore, with several reports placing the range at ₹11,000 crore to ₹12,000 crore. Another portion states Zepto is looking to raise more than $1 billion, or over ₹10,000 crore, and describes it as among the largest new-age technology listings in India in recent years.

The material also includes a wider reported range for fundraising size, from about $1 billion to about $1.3 billion. It adds that the structure is expected to combine fresh capital and an offer-for-sale (OFS), though the final mix, size, and pricing are described as undecided and subject to revision.

In December 2025, Zepto’s shareholders approved the plan to raise up to ₹11,000 crore through a public offering, according to the text provided.

Roadshows and investor outreach

Reports in the material suggest roadshows may begin soon after the updated DRHP filing, with one account indicating they could start next month ahead of a July launch. The stated objective is engagement with domestic and global institutional investors.

Another portion of the material says Zepto had started preliminary discussions with domestic mutual funds to gauge institutional interest, while discussions with global institutional investors had not yet started at that stage. Those interactions were expected to begin after the updated DRHP is filed and the regulatory review progresses.

The broader point is that, once the updated DRHP is filed publicly, the company can more formally present its equity story to institutions, within the boundaries of the offer document.

What investors may look for in the updated DRHP

The updated DRHP is expected to provide investors with an updated view of Zepto’s financial performance, operating metrics, store expansion plans, and use of IPO proceeds, as stated in the provided material. Another passage adds that the document will include risk factors, operational metrics, and details of the share sale.

Because Zepto is part of a fast-evolving quick commerce category, operating metrics and expansion plans can be a focal point for investors. The material does not specify the exact metrics to be disclosed, but it repeatedly indicates they will be refreshed in the updated filing.

Timeline: what reports say, and why it varies

The provided text includes multiple timelines from different reports. Some say the updated DRHP could be filed early next week. Others mention the next two to three weeks, six to eight weeks, or “next two months.” Despite the variation, the common element is that Zepto is expected to update its draft prospectus after SEBI’s go-ahead.

One earlier report cited in the material said Zepto was targeting a listing within 60 to 90 days of the regulatory nod. Other passages point to a July to September quarter of 2026 listing window.

This range in timelines reflects that discussions are continuing and the size and timing may still change, as explicitly stated in the text.

Background: the confidential filing route

Zepto’s IPO papers were filed under the confidential route in December 2025, with a separate passage mentioning a pre-filing date of December 26. The confidential approach allows a company to engage the regulator for feedback without immediate public disclosure of the draft.

The material describes the confidential pre-filing route as increasingly used by companies seeking flexibility in IPO preparations and responding to market conditions before a public filing. In Zepto’s case, the updated DRHP is positioned as the next step that brings more information into the public domain.

A separate detail in the provided text notes that Zepto transitioned from Zepto Private Limited to Zepto Limited in December 2025 as part of its IPO strategy.

Competitive context: quick commerce and listed peers

The provided material positions Zepto’s proposed IPO as closely watched within India’s consumer internet sector. It also points out that listed rivals include Zomato and Swiggy, and notes that Eternal, which owns Zomato and quick commerce platform Blinkit, was listed in 2021, while Swiggy made its stock market debut in November 2024.

Against this backdrop, Zepto’s filing cadence and fundraise size are being tracked as signals of how public market appetite may shape the next phase of quick commerce growth.

Market impact: what changes once the updated DRHP is public

The most immediate market impact described in the material is informational. A public updated DRHP would provide a clearer basis for investors to evaluate Zepto’s financial performance, operational metrics, expansion plans, and intended use of proceeds.

The documents also determine timing. The material cites a rule that prospectuses must be public for at least 21 days before launch, which makes the updated DRHP a gating item for the next steps.

On the capital markets side, an IPO aiming for roughly ₹11,000 crore to ₹12,000 crore would be among the larger consumer internet offerings referenced in the material. The final size and pricing remain undecided in the reports cited.

Key facts snapshot

Bankers and advisers mentioned in reports

The provided text cites investment bankers reportedly working on the issue, including Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities (also referenced as IIFL Capital in one passage), and Motilal Oswal. Another portion mentions the company selecting several investment banks as early as September 2024.

These references appear as “earlier reports cited” within the material, and the company’s final syndicate and roles may become clearer as the public documentation is updated.

What to watch next

The next concrete milestone is the updated DRHP filing referenced for early next week. After that, investors are likely to focus on the updated financial and operational disclosures, and the stated use of IPO proceeds.

Separately, the start of roadshows will indicate the pace at which Zepto is moving through marketing. With timelines in the material ranging from July launch references to a broader July-September 2026 listing window, the updated DRHP should help narrow what is feasible within the mandated public-document period.

Conclusion

Zepto’s planned updated DRHP filing with SEBI, followed by investor roadshows, marks the next phase of its IPO process after a confidential filing in December 2025 and reports of SEBI’s approval. The offering size has been reported around ₹11,000 crore, with a wider range also cited across sources. The clearest near-term trigger is the updated prospectus filing, after which the company’s timetable for roadshows and a potential July or July-September 2026 listing window should be easier to track.