India’s primary market momentum continues to build as six companies, led by Zepto and Dhoot Transmission, have received regulatory clearance from Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs), signaling renewed investor confidence and strong deal pipeline activity.
In a significant development for India’s capital markets, six firms have secured approval from SEBI to proceed with their IPO plans. Apart from Zepto and Dhoot Transmission, the list includes Horizon Industrial Parks, Surgiwear, Crystal Crop Protection, and Hotel Polo Towers.
These companies had submitted their draft IPO papers between October and February and received SEBI’s “observations” during the period of May 4–8. In regulatory terms, this marks the green light to move ahead with public offerings, subject to market conditions.
Among the most anticipated listings is Zepto, one of India’s fastest-growing quick commerce platforms. The company is reportedly aiming to raise around ₹11,000 crore through its IPO, making it one of the largest offerings in the segment.
If successful, Zepto will join listed competitors like Zomato and Swiggy in the public markets. The listing is expected to further intensify competition in the quick commerce and food delivery space while giving investors exposure to high-growth digital consumption trends.
Auto components manufacturer Dhoot Transmission is also preparing for its market debut with a targeted fundraise of approximately $250 million (around ₹2,258 crore). The IPO structure will include a mix of fresh equity issuance and an offer for sale (OFS) by existing investors.
Backed by private equity firm Bain Capital, the company aims to leverage the proceeds for expansion and strengthening its manufacturing capabilities. Notably, promoters are not expected to dilute their stake through the OFS component.
Both Zepto and Dhoot Transmission opted for the confidential pre-filing route, an increasingly popular mechanism among companies planning IPOs. This route allows firms to submit draft documents to SEBI for review without immediately disclosing sensitive business information to the public.
The approach offers flexibility, enabling companies to refine their IPO strategy, valuation expectations, and disclosures based on regulatory feedback before going public with detailed filings.
Logistics real estate platform Horizon Industrial Parks, backed by global investment giant Blackstone, is planning to raise ₹2,600 crore through a fully fresh issue of equity shares.
According to its draft prospectus, a significant portion of the proceeds around ₹2,250 crore will be used to repay existing borrowings. The move is expected to strengthen the company’s balance sheet and position it for further growth in India’s rapidly expanding warehousing and logistics sector.
Uttar Pradesh-based Surgiwear is set to launch an IPO comprising a fresh issue of shares worth up to ₹370 crore along with an equal-sized OFS by promoter Ghanshyam Das Agarwal.
The company plans to utilize the funds to purchase advanced machinery, reduce debt, and support general corporate initiatives. Its listing reflects growing investor interest in the healthcare manufacturing segment, particularly domestic medical equipment producers.
Agrochemical company Crystal Crop Protection is also entering the IPO market with a fresh issue worth ₹600 crore, coupled with an OFS of over 74 lakh shares by promoters and investors.
Key stakeholders, including International Finance Corporation and IFC Emerging Asia Fund LP, are expected to partially exit through the OFS.
The proceeds from the fresh issue will be directed toward debt repayment, funding acquisitions, and supporting strategic initiatives. Additionally, investments will be made in its subsidiary, Saffire Crop Science, to strengthen its market position.
Hospitality player Hotel Polo Towers is planning an IPO comprising a fresh issue of ₹300 crore and an OFS of 71.2 lakh shares by promoters.
The company operates a chain of upscale and midscale hotels across northeast, east, and north India under its ‘Polo’ and ‘Max’ brands. The IPO is expected to help expand its footprint and enhance its hospitality offerings amid a rebound in travel and tourism demand.
Shares of all six companies are proposed to be listed on leading stock exchanges, including the Bombay Stock Exchange and the National Stock Exchange.
The influx of diverse companies—from tech startups and manufacturing firms to hospitality and agrochemical businesses—highlights the broad-based nature of India’s IPO pipeline. It also reflects sustained investor appetite for new-age and traditional sector companies alike.
The approval of these IPOs underscores the resilience of India’s primary market despite global uncertainties. Companies are increasingly tapping capital markets to fund expansion, reduce debt, and provide exits to early investors.
With high-profile listings like Zepto on the horizon, the coming months could witness heightened activity in the IPO space, potentially drawing both domestic and global investor participation.