SEBI clears IPO plans for Zepto, Dhoot Transmission, four others

The Securities and Exchange Board of India (SEBI) on Friday (May 8) approved fund-raising through initial public offerings (IPOs) for multiple companies, including quick commerce unicorn Zepto Ltd, Hotel Polo Towers Ltd, Crystal Crop Protection Ltd, Surgiwear Ltd, Horizon Industrial Parks Ltd and Dhoot Transmission Ltd.

These companies, which had filed their draft IPO papers between October and February, received SEBI’s observations between May 4 and May 8. In SEBI's parlance, obtaining observations is equivalent to securing approval to float a public offering.

Dhoot Transmission

Bain Capital-backed auto components manufacturer Dhoot Transmission was founded over two decades ago by promoter Rahul Dhoot. The company is a key supplier to original equipment manufacturers (OEMs) across the automotive and consumer durables sectors. The company manufactures wiring harnesses, automotive switches, electronic sensors and controllers, connectors and terminals, automotive cables, power cords and battery packs.

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Zepto

The grocery delivery firm's offering is likely to comprise a mix of fresh issue and secondary share sales by existing investors, with the proceeds set to be used for business expansion.

Valued at $7 billion, Zepto has raised a total of $1.8 billion, or about ₹16,000 crore, from marquee investors since its inception. In October 2025, the company raised $450 million (about ₹3,757.5 crore) in a funding round led by the California Public Employees' Retirement System (CalPERS) at a valuation of $7 billion.

Zepto achieved unicorn status in August 2023, after raising $200 million in its Series E funding round, which valued the startup at $1.4 billion. Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto rapidly scaled its 10-minute grocery delivery model across major Indian cities.

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