Upcoming IPOs: Zepto and 5 Top Companies Get SEBI Nod for Listing

Synopsis: SEBI approved IPO proposals of six companies including Zepto and Dhoot Transmission, reflecting continued strength in India’s primary market across technology, manufacturing, healthcare, hospitality, infrastructure, and agrochemical sectors.  

India’s primary market activity continues to remain strong as companies across technology, manufacturing, healthcare, logistics, hospitality, and agriculture sectors actively prepare for public listings. The latest round of SEBI approvals highlights growing confidence among businesses in raising capital through IPOs despite market volatility. From quick-commerce player Zepto to auto component maker Dhoot Transmission, several companies are now moving closer toward stock market debuts, reflecting sustained investor interest in diverse and high-growth sectors of the economy.

SEBI Clears Six IPO Proposals

India’s IPO market pipeline strengthened further after the Securities and Exchange Board of India (SEBI) issued observation letters to six companies between May 4 and May 8, according to the Upstox report. The approvals allow the companies to proceed with their planned public offerings and prepare for listing on Indian stock exchanges. The approved companies include Zepto, Dhoot Transmission, Horizon Industrial Parks, Surgiwear, Crystal Crop Protection, and Hotel Polo Towers.

Zepto: The Quick-Commerce Speedster

Quick-commerce unicorn Zepto is preparing for a massive Rs. 11,000 crore IPO and is expected to become one of the most closely watched new-age listings in the Indian market. The company used the confidential pre-filing route for its draft papers, allowing it to keep financial details private during the early stages of the process.

Zepto competes in the fast-growing instant delivery segment alongside players such as Swiggy and Zomato, and the proposed listing is expected to strengthen its market position as competition intensifies in the rapid-delivery space.  

Dhoot Transmission: Powering the Auto Sector

Auto components manufacturer Dhoot Transmission, backed by private equity major Bain Capital, is planning to raise nearly USD 250 million, or around Rs. 2,258 crore, through its IPO. The proposed issue will consist of a combination of fresh equity issuance and an offer-for-sale by existing shareholders.

Operating in the automotive components segment, the company supplies products to automobile manufacturers and aims to capitalize on the continued growth in India’s automobile and auto ancillary industries through its public market debut.

Horizon Industrial Parks: Building Global Logistics

Blackstone-owned Horizon Industrial Parks is looking to raise around Rs. 2,600 crore through a completely fresh issue of equity shares. The company plans to utilize nearly Rs. 2,250 crore from the IPO proceeds toward repayment and prepayment of existing debt, while the remaining amount will be used for general corporate purposes. 

Horizon Industrial Parks operates in the warehousing and industrial logistics infrastructure segment, an area witnessing rising demand due to manufacturing expansion, supply-chain modernization, and increasing e-commerce activity across India.

Surgiwear: Precision in Medical Manufacturing

Medical devices manufacturer Surgiwear, based in Uttar Pradesh, is aiming to raise Rs. 740 crore through its IPO. The proposed issue is evenly split between a fresh issue of shares and an offer-for-sale by the promoter. The company intends to use the funds for purchasing new machinery, repaying debt, and scaling up operations. 

Surgiwear operates in the healthcare and surgical products segment, catering to hospitals and healthcare institutions as demand for advanced medical infrastructure and domestic manufacturing continues to rise.

Crystal Crop Protection: Cultivating Agricultural Growth

Agrochemical company Crystal Crop Protection plans to raise Rs. 600 crore through a fresh issue of shares along with an offer-for-sale of more than 74 lakh equity shares. The company intends to use the proceeds to reduce debt for both itself and its subsidiary, Saffire Crop Science, while also exploring strategic acquisition opportunities. 

Crystal Crop Protection operates in the agricultural inputs and crop solutions business, serving farmers through crop protection products and related agricultural solutions.

Hotel Polo Towers: Expanding Hospitality Horizons

Hospitality company Hotel Polo Towers is planning to raise Rs. 300 crore through a fresh issue of shares in addition to an offer-for-sale of 71.2 lakh equity shares. The company operates a portfolio of upscale and midscale hotels across North and Northeast India under the ‘Polo’ and ‘Max’ brands. According to the plans outlined, the IPO proceeds will primarily be used to expand its hospitality presence and strengthen its hotel network amid improving tourism and travel demand across the country.

IPO Market Activity Remains Strong

The latest set of approvals reflects sustained momentum in India’s primary market across multiple sectors including technology, manufacturing, healthcare, infrastructure, hospitality, and agriculture. The presence of both traditional businesses and new-age companies in the approval list indicates broad-based confidence in the capital markets. With several companies now moving closer to launch timelines, investor focus is expected to remain firmly on the upcoming IPO pipeline in the coming months.

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