Why this thread exists
Three unrelated companies this year have put a number on their IPO before the real scrutiny began, and each watched that number shrink once it did. Read individually, each is a company-specific story. Read together, it’s a pattern worth pricing into every pre-audit valuation you see in the press.
26 Jun 2026
The starting number
Zepto files its DRHP targeting a ₹9,500 Cr IPO, roughly a $7 Bn headline valuation.
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26 Jul 2026
The headline number
PhonePe’s FY26 net loss headline comes in at ₹2,792 Cr, widening 62% ahead of its own IPO.
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27 Jul 2026
The audited number
PhonePe’s real FY26 loss is roughly ₹364 Cr once one-time ESOP and goodwill charges are stripped out, a 7.6x difference depending on which number you read. Its IPO is paused the same day.
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31 Jul 2026
Zepto’s number effectively hits zero for now
Zepto pulls its IPO entirely rather than price at a discount to its own reduced target.
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6 Aug 2026
A third company, a milder version of the same correction
Shiprocket trims its IPO size 31% in the RHP to ₹1,617 Cr from an earlier ₹2,342 Cr, ahead of an August 12 listing.
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