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The company’s Rs 883 crore public issue, priced between Rs 144 and Rs 152 per share, was subscribed just 1.2 times.
Is Zepto building the future of retail, or simply participating in an increasingly expensive race where no clear winner has yet emerged?
The company allotted 2.61 crore equity shares to anchor investors at Rs 152 apiece, the upper end of its IPO price band.
Shareholders participating in the sale include State Bank of India, Canada Pension Plan Investment Board (CPPIB), MS Strategic (Mauritius) Limited, Aranda Investments (Mauritius) Pte Ltd and Bank of Baroda, among others.
The company has fixed the price band at Rs 144-152 per share for the issue.
CEO Lalit Keshre sold shares worth Rs 18.6 crore, while Harsh Jain, Neeraj Singh, and Ishan Bansal also sold part of their holdings.
The company's IPO, which opened last week, was subscribed over nine times overall.
Its listing is scheduled on the BSE and NSE on May 8.
Kissht has cut the fresh issue component from Rs 1,000 crore to Rs 850 crore, while OFS portion has also been reduced from 8.8 million shares to 4.4 million shares.
The public offering comes amid a broader wave of new-age listings, where public markets have increasingly doubled up as liquidity events for early investors.
PhonePe had filed its updated (DRHP) for its IPO with the Securities and Exchange Board of India earlier in January.
The stock exchange has been attempting to list since 2016 to provide exit to its investors.
The offering included a fresh issue of Rs. 1,023.5 crore and an offer for sale (OFS) component of Rs 1,810.4 crore.
The listing of Aye Finance will go ahead because the public issue has met the minimum subscription limit of 90%.
The market regulator's nod for PhonePe's IPO comes in the wake of a slew of public offers by new age tech companies in India in the past months.
Pine Labs had steeply cut the size of the IPO amid profitability and valuation concerns.
The stock of India's largest stock broking platform by number of users listed at Rs 114 per share on BSE and Rs 112 on the NSE.
The anchor round saw participation from 17 domestic mutual funds, including HDFC, Kotak, SBI and Axis Bank.
Two years after concluding its reverse flip from Singapore to India, payments major PhonePe said it has started preparations for IPO in India.
