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A company saying it is considering an IPO is not the same as filing an offer document, opening an issue or completing a public issue. The official records available for Swiggy, Lenskart and Zepto show different stages—and do not establish a complete count of Indian tech IPO candidates for 2025.
One important date correction: Swiggy’s documented offer process took place in 2024, not 2025. Lenskart filed a draft offer document in 2025, while Zepto’s investor-relations page lists an updated draft offer document. These records help explain what “pipeline” means; they are not a promise that an offer will happen or a guide to investment returns.
What the 2025 IPO pipeline records actually show
The available official records support a comparison of three companies at different document stages, not an exhaustive list of every Indian technology company that considered a 2025 IPO. They also do not provide a consistent set of issue sizes, valuations, financial results or expected returns. A numerical pipeline total or financial ranking would therefore be misleading.
| Company | Document stage and date established | Public-issue record established here |
|---|---|---|
| Swiggy | Its official investor-relations archive dates the DRHP September 26, 2024, the RHP October 28, 2024, and the prospectus November 8, 2024. | NSE’s public-issue page lists Swiggy as an IPO. The dated documents show progression in 2024, before the 2025 period in the headline. |
| Lenskart Solutions Limited | SEBI’s filing record dates its DRHP August 1, 2025. Lenskart’s investor-relations page also hosts IPO disclosures and offer documents, including a prospectus and addendum; the dates for those documents are not stated here. | A corresponding exchange public-issue record is not established by the cited records summarized here. |
| Zepto | Zepto’s investor-relations page lists IPO offer documents, including an updated draft red herring prospectus. A document date is not stated here. | A corresponding exchange public-issue record is not established by the cited records summarized here. |
Sources: Swiggy investor-relations document archive and NSE public-issue page; SEBI’s Lenskart DRHP filing record and Lenskart investor-relations page; Zepto investor-relations offer-documents page. The table describes only what those records establish. An absent record in this comparison is not proof that no later filing or issue occurred.
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How to read an IPO document stage
SEBI’s public-issue records distinguish draft offer documents, red herring documents and final offer documents. The labels matter: a draft is evidence of a formal filing, not by itself evidence that an issue is open or that a listing has happened.
- DRHP (draft red herring prospectus): A draft offer document filed for regulatory review. Lenskart’s DRHP was dated August 1, 2025, in SEBI’s filing record.
- Updated draft: A revised draft remains a draft-stage document. Zepto’s investor-relations page lists an updated draft red herring prospectus, but that page entry alone does not establish an offer date, price or completed listing.
- RHP (red herring prospectus): A later offer document in the process. Swiggy’s archive dates its RHP October 28, 2024.
- Prospectus: A final-stage offer document category in SEBI’s records. Swiggy’s archive dates its prospectus November 8, 2024. Lenskart’s investor-relations page also lists a prospectus and addendum, but the dates are not stated in the records summarized here.
- Public issue and listing: These are outcomes, not synonyms for an announced plan or draft filing. NSE’s public-issue page lists Swiggy as an IPO; the evidence summarized here does not supply a complete exchange-status record for all three companies.
For Swiggy, the dates establish an offer-document progression in 2024, and NSE’s public-issue record confirms an IPO. For Lenskart and Zepto, the records cited above establish documents at later stages than a mere verbal intention, but the information here does not establish their offer dates, issue terms or completed listing outcomes.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What an IPO filing does—and does not—tell investors
A filing is a milestone in a process, not a forecast of whether the company will issue shares, when it may do so, or how the shares will perform. The official document records described here do not supply comparable valuations, offer sizes, profitability measures or expected returns. Investors should use the latest official offer documents and exchange notices for any issue’s terms rather than treating a pipeline story as an investment signal.
For the mechanics of applying in an IPO, SEBI’s investor-education guidance explains ASBA and UPI: an applicant can place a bid and have the application amount blocked in the bank account through the applicable process, rather than treating the application as a completed purchase. Refer to SEBI’s current guidance for the applicable steps and conditions.
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