MUMBAI: Zepto’s $1 billion IPO is one step closer to making a splash on Dalal Street and markets regulator Sebi has given its go ahead for the issuance, according to details published on its website. The company, which rivals Eternal’s Blinkit and Swiggy Instamart in India’s $10-11 billion instant commerce market (in terms of GMV or sales before deducting any expenses), is targeting a listing sometime by July, people in the know said. Zepto declined to comment. It is understood that a major part of the IPO will be through fresh issue of shares. The $7 billion-valued startup had filed for an IPO through the confidential route in December last year and will now file updated papers in about six-eight weeks, sources said. Zepto, which will join its two listed rivals, is heading to the stock market amid war-torn volatile markets that have prompted its fintech rival PhonePe to halt its $1.3 billion IPO. The instant delivery market is led by Blinkit with more than 40% share; Analysts said Instamart and Zepto each command more than 20%. Competition in the sector has intensified with Flipkart and Amazon spending heavily to expand their reach and gain market share. Over the past few years, five-year-old Zepto has attracted a wide array of investors, including global funds and local family offices, as the appetite for market share grows amid rising consumer adoption. General Catalyst, Lightspeed Venture Partners, Haldiram Snacks Family Office and Motilal Oswal AMC are among its backers.