IPO विलंबानंतर झेप्टो सूचीबद्ध नसलेल्या शेअरची किंमत खूपच कमी होते, मूल्यांकन अपेक्षा कमी होतात

क्विक-कॉमर्स कंपनीने नियोजित प्रारंभिक सार्वजनिक ऑफरिंग (IPO) स्थगित केल्यानंतर आणि लहान प्री-IPO प्लेसमेंटद्वारे भांडवल उभारण्याचा निर्णय घेतल्यानंतर झेप्टो सूचीबद्ध नसलेल्या शेअरची मागील पाच ट्रेडिंग सत्रांमध्ये जवळपास 23% घट झाली आहे. The correction has pushed the implied valuation in the unlisted market to below $3.5 billion, reflecting a reassessment by investors.

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आत्ताच अकाउंट उघडा

The decline follows the company’s decision to put its public issue on hold and instead seek around ₹1,000 crore through a pre-IPO fundraising round. The move comes amid a widening gap between the valuation sought by existing shareholders and the pricing domestic institutional investors were willing to support.

Unlisted Market Reprices the Stock

Wholesale quotes for Zepto’s unlisted shares have fallen from nearly ₹35 to around ₹27 over the past week, according to participants tracking the unlisted market.

The correction extends a broader decline seen over recent months. Around a month ago, Zepto unlisted share price was trading close to ₹38, while the stock had touched nearly ₹68 in December 2025 before easing to around ₹62 in January 2026. At current levels, the stock has lost almost 60% from its peak.

Based on the fully diluted equity base of around 1,260 crore shares disclosed in the company’s updated draft red herring prospectus (DRHP), the present wholesale price implies a market capitalisation of about ₹34,000 crore, translating to roughly $3.6 billion. At last month’s trading level of ₹38 per share, the implied valuation was close to $5 billion.

The current market price also stands below the weighted average acquisition cost of ₹37.74 per share disclosed for the company’s Series H funding rounds completed during October and November 2025.

IPO Deferred, Pre-IPO Fundraising Planned

The company has shifted its fundraising strategy by postponing the IPO that was initially targeted for July. Instead, it plans to complete a pre-IPO placement of around ₹1,000 crore.

As per reports, the proposed fundraising is expected to value the company at around $4.5 billion, with existing investors including Glade Brook, General Catalyst, Goodwater Capital and Nexus Venture Partners likely to participate.

The revised plan follows valuation discussions between investors. While existing shareholders were seeking a valuation of around $4.5 billion, several domestic institutional investors were reportedly comfortable with a valuation closer to $2.5-3 billion.

Revenue Growth Continues Despite Rising Losses

The valuation reset comes even as Zepto reported strong business expansion during FY26. Revenue from operations more than doubled to ₹22,623.58 crore from ₹11,109.95 crore a year earlier.

However, net loss widened to ₹5,905.19 crore, compared with ₹4,699.71 crore in FY25. According to brokerage reports analysing the DRHP, the company continues to post higher operating losses than some of its listed peers despite maintaining industry-leading order density.

At the end of FY26, Zepto operated 1,139 dark stores, processed an average of 17.5 lakh orders per day, completed 640.18 million annual orders, and reported ₹24,815.54 crore in Net Receivables Value along with ₹5,680.53 crore in cash and cash equivalents. Based on the current trend in the Zepto unlisted stock price, the investors seem to be increasingly prioritizing profitability and valuation in view of the upcoming round of fund raising.