IPO Pipeline: Zepto, NSE & 6 SEBI Approvals

IPO Pipeline Signals Primary Market Strength India's IPO market doesn't slow down quietly. SEBI has granted approval to six companies in a compressed window, with quick commerce unicorn Zepto and Blackstone-backed Horizon Industrial Parks among the headline names. Horizon plans to raise ₹2,600 crore through a fresh equity offer — a pure-play logistics real estate bet that will test institutional appetite for industrial REITs adjacent to the listed space. Meanwhile, NSE has told its bankers to get the DRHP filed by mid-June, anchored to March 2026 audited financials. If that timeline holds, NSE's listing could be the largest in Indian market history, dwarfing LIC's ₹20,557 crore IPO from May 2022. The timing is deliberate. By locking the filing to March 2026 numbers, NSE's management is giving the exchange its cleanest possible financial story — full fiscal year data, no trailing quarter ambiguity. NSE's pre-IPO valuation has been discussed in the ₹2.1–2.5 lakh crore range in various analyst circles, though no official price band exists yet. That figure alone would make it a market-defining event, not merely a large listing. Zepto's clearance matters for a different reason. The company went from a 2021 startup to a SEBI-approved IPO candidate in roughly three years, riding the 10-minute delivery wave that [Zomato](/stock/ZOMATO) (NSE: ZOMATO) effectively validated at scale. Zepto's listing will be the first pure-play quick commerce IPO in India, and the market's reception will set a pricing benchmark for the entire category. How Listed Peers Are Positioned [BSE Ltd](/stock/BSE) (NSE: BSE) and the broader exchange infrastructure segment are the most directly affected by NSE's IPO trajectory. BSE has traded at elevated multiples for much of FY25, partly on the expectation that NSE's eventual listing would force a re-rating of exchange stocks as an asset class. When a monopoly-adjacent infrastructure business with ₹10,000+ crore in annual revenue gets a public mark...