Quick commerce unicorn Zepto leads the batch with India’s largest consumer-tech IPO in the pipeline. Bain Capital’s Dhoot Transmission and Blackstone’s Horizon Industrial Parks are next in line. All six companies received SEBI’s observations between May 4–8, 2026.
MUMBAI / NEW DELHI, May 9, 2026 — Six companies received SEBI’s formal IPO clearance between May 4 and 8, according to an update on the regulator’s website on Friday, and the list is headlined by one of India’s most closely watched consumer-tech names. Quick commerce unicorn Zepto is targeting ₹11,000 crore through its maiden public offering, sources familiar with the development told news agencies, making it the single largest issuance in this batch and one of the biggest consumer-tech IPOs India’s primary markets have seen in recent years.
Zepto: Quick Commerce Giant Enters IPO Queue After Rivals Zomato and Swiggy
Also Read: Zepto IPO Date, Price, Details, Lot size
Zepto filed its DRHP with SEBI in December 2025 through the confidential pre-filing route, a mechanism that lets companies seek regulatory feedback without public disclosure of draft documents. That’s why it wasn’t on most people’s radar until now. Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has built a network of over 1,100 dark stores delivering groceries in under 10 minutes. Its FY25 revenue from operations stood at ₹11,110 crore.
If the listing goes through at the targeted size, Zepto will join Zomato and Swiggy, both already listed, completing a rare trifecta of quick commerce names on Indian exchanges. Axis Bank, Motilal Oswal, Morgan Stanley, HSBC, and Goldman Sachs are advising on the offering. The company is targeting a July–September 2026 listing window, subject to market conditions.
Dhoot Transmission: Bain Capital Holds 49% Stake, Plans Partial Exit via OFS
Bain Capital, which holds a 49% stake in Dhoot Transmission, is looking at a partial exit through the IPO’s offer-for-sale component. The Nagpur-based auto components maker, which supplies wiring harnesses, automotive switches, electronic sensors, and battery packs across two-wheelers, three-wheelers, passenger, and commercial vehicles, is targeting ₹2,258 crore (approximately $250 million). The issue is a mix of fresh equity and an OFS by existing investors. Promoters, however, will not sell shares through the OFS, sources said. Dhoot also filed through the confidential pre-filing route in February 2026. Axis Capital is the book-running lead manager. According to a CRISIL Ratings report from May 2025, Dhoot posted consolidated revenue of ₹2,653 crore for FY24.
Horizon Industrial Parks: Blackstone’s ₹2,600Cr Fresh Issue — But Most Goes to Debt, Not Expansion
Horizon Industrial Parks, backed by Blackstone, is raising ₹2,600 crore entirely through a fresh issue with no OFS component. That’s the clean part of the story. What the headline number obscures: according to the DRHP, approximately ₹2,250 crore of the ₹2,600 crore raised will go toward repaying borrowings, not toward expansion capex. That changes the investment narrative meaningfully. This is a deleveraging story, not a growth capex play. JM Financial is the lead manager. Sebi issued its observations on May 5, making Horizon the first of the six to receive clearance in this batch.
Surgiwear, Crystal Crop and Hotel Polo Towers: All Three Now Have Financials on Record
Crystal Crop Protection plans to raise ₹600 crore through a fresh issue alongside an OFS of up to 74 lakh shares. IIFL Capital Services is the book-running lead manager. Surgiwear, a UP-based surgical products and medical implantable devices maker incorporated in 1990, is going for ₹740 crore total: a ₹370 crore fresh issue and a ₹370 crore OFS by promoter Ghanshyam Das Agarwal. Proceeds from the fresh issue will fund machinery purchases, debt repayment, and general corporate purposes.
Motilal Oswal Investment Advisors is the lead manager. Surgiwear’s EBITDA margin expanded sharply from 26.5% in FY23 to 44.2% in FY25, while its PAT margin moved from 8.95% to 25.77% in the same period, the strongest margin trajectory in this batch. Hotel Polo Towers rounds out the six with a ₹300 crore fresh issue and an OFS of 71.2 lakh shares by promoters. The Northeast and North India hotel chain operates under the ‘Polo’ and ‘Max’ brands.
What Sebi’s Observations Mean and the 12-Month Clock That’s Now Ticking
In regulatory terms, Sebi’s ‘observations’ are not an investment endorsement. They’re a procedural clearance; the regulator has reviewed the DRHP and raised no outstanding objections. Companies have 12 months from this date to actually open their IPO for subscription. All six will list on BSE and NSE. These companies filed their preliminary papers between October 2025 and February 2026. The confidential pre-filing route used by Zepto and Dhoot, which keeps DRHP details private during the review stage, is increasingly favoured by high-profile issuers managing timing and market optics.
FAQs
Q: When is the Zepto IPO opening date in 2026?
Subscription is tentatively expected in the July–September 2026 window. The updated DRHP is expected to be filed publicly within 6–8 weeks of Sebi’s May 2026 observations. Price band and dates will be announced after that filing. No official date has been confirmed as of May 9, 2026.
Q: Is Dhoot Transmission IPO a fresh issue or OFS, and what does that mean for investors?
It is a combination, part fresh issue (money goes into the company) and part OFS by existing investors, including Bain Capital. Promoters are not selling shares. The exact fresh-vs-OFS split will be disclosed in the updated DRHP. A heavier OFS means less primary capital for the company post-listing.
Q: Why is Horizon Industrial Parks raising ₹2,600Cr through a 100% fresh issue if most of it goes to debt repayment?
As per the DRHP, ₹2,250 crore of the ₹2,600 crore will be used to repay borrowings. This makes it a balance-sheet strengthening exercise, not an expansion play. Investors should evaluate Horizon’s post-deleveraging financials, specifically interest cost savings and net debt position post-IPO, rather than treating the fresh issue as a growth signal.
Next triggers to watch: Zepto’s updated public DRHP filing (expected within 6–8 weeks); Dhoot Transmission’s fresh vs. OFS split disclosure; and anchor investor allotment announcements, which typically precede subscription opening by 2–3 trading days. Surgiwear’s EBITDA margin trajectory of 44.2% in FY25 makes it the dark horse of the batch from a profitability standpoint.
