10 Most-Awaited IPOs in 2026: Complete Guide to India's Biggest Listings
India's primary market is gearing up for a record-breaking 2026 with over ₹2.5 lakh crore in potential fundraising from 190+ companies. This comprehensive guide covers the 10 most anticipated IPOs set to reshape India's capital markets, from Reliance Jio's potential mega-listing to NSE's long-delayed public debut. Learn about timelines, valuations, investment considerations, and what makes each IPO a game-changer for Indian investors.
Understanding 2026's IPO Landscape: A Market Transformation
India's equity fundraising ecosystem is entering a pivotal phase. After witnessing an IPO tsunami in 2025 with record-breaking issues, India's primary market is set to enter 2026 with one of the largest IPO pipelines in history. According to Prime Database, 84 companies have received SEBI approval to collectively raise about ₹1.14 lakh crore, while another 108 companies are awaiting regulatory clearance with a projected fundraising of ₹1.46 lakh crore. In total, over 190 companies are either approved or in the pipeline, pointing to a potential fundraising pool exceeding ₹2.5 lakh crore.
This strong pipeline visibility offers confidence that India's IPO cycle will remain robust well into 2026. The coming year is expected to test the depth and maturity of equity markets—both in terms of sectoral leadership and the quality of issuers tapping public markets. From new-age technology firms to established legacy players, 2026 could redefine how capital is raised, priced, and deployed in India.
The regulatory environment has also become more efficient. SEBI's streamlined timelines and broadened capital market access have made India's primary markets more competitive globally. This shift is attracting not just domestic but also international companies seeking Indian domicile and public listing opportunities.
Reliance Jio IPO: The Mega-Listing That Could Break Records
Valuation Range: ₹11 lakh crore to ₹13.5 lakh crore ($121–154 billion)Expected Timeline: First Half of 2026Issue Structure: Mix of fresh equity and investor participationWhy It Matters: Potential India's largest IPO in history
The Scale and Significance
Reliance Jio's IPO could be among the largest in the history of Indian markets. According to Bloomberg reports, investment bankers are pitching a valuation of up to $170 billion for Jio Platforms. Mukesh Ambani, Chairman of Reliance Industries, confirmed that the listing may take place in the first half of 2026, with preparations already underway.
Since launching in 2016, Jio has grown into India's largest mobile operator with more than 500 million subscribers, backed by investments from Alphabet, Meta, KKR, General Atlantic, and sovereign wealth funds. The company has revolutionized India's telecom landscape, forcing a complete market restructuring and bringing broadband to millions of Indians.
Valuation Analysis and Broker Projections
Various brokerages have provided bullish valuations:
- Goldman Sachs: $154 billion (bull-case scenario) – representing 15-17x revenue multiples
- Jefferies: $146 billion enterprise value
- Macquarie: $123 billion valuation
- Emkay: $121 billion valuation
- Citi: $135 billion enterprise value
These valuations would potentially place Jio among India's top five listed companies by market capitalization, surpassing Bharti Airtel's current market cap of ₹10.77 lakh crore.
What Jio's IPO Means for Investors
For retail and institutional investors, the Jio IPO represents:
- Direct exposure to India's largest telecom operator with 500+ million subscribers
- Growth in digital services including apps, connected devices, and AI-powered solutions
- International expansion potential with Jio's global 5G ambitions
- Conglomerate value unlock for RIL shareholders
Ambani emphasized that the IPO would showcase Jio's ability to generate global-scale value while advancing its strategy to expand mobile and broadband coverage, enhance digital services, accelerate AI adoption, and pursue international growth.
NSE IPO: India's Most Anticipated Listing Finally Materializes
Valuation Range: ₹4.7 lakh crore ($56 billion) in grey marketExpected Timeline: By FY2026 (potentially Samvat 2082)Current Status: Awaiting SEBI NOCTimeline After Approval: 8-10 months to listing
The Saga of a Delayed Listing
The NSE IPO has generated strong investor buzz after a decade-long wait. NSE first filed for its IPO back in 2016, but the process kept getting pushed back due to regulatory hurdles, primarily the co-location controversy that resulted in a ₹1,100 crore+ penalty by SEBI in 2019.
Recently, SEBI Chief Tuhin Kanta Pandey expressed confidence that the long-delayed share sale would eventually "see the light of day," marking a significant turning point for this long-pending listing. NSE MD and CEO Ashish Chauhan stated that the exchange could list within 8–10 months of receiving SEBI's No Objection Certificate (NOC).
Current Progress and Settlement
The regulatory landscape has shifted positively:
- NSE reapplied for SEBI's NOC in 2024
- NSE paid ₹643 crore in relation to the co-location case
- The exchange has reportedly made a settlement offer of ₹1,165 crore for the co-location case and ₹223 crore for the dark fibre matter
- CBI court cleared the NSE co-location case by accepting the agency's closure report
Why NSE's IPO Matters
NSE's IPO would be significant for several reasons:
- Market Infrastructure Exposure: Direct investment in India's largest and most profitable stock exchange
- Capital Markets Growth: Exposure to India's expanding primary and secondary markets
- Institutional Appeal: Strong regulatory compliance and governance post-settlement
- Grey Market Interest: NSE's unlisted shares are trading at around ₹1,950 each, indicating strong investor demand
Flipkart IPO: The E-Commerce Giant Takes the Homegrown Route
Valuation Range: TBD (post-IPO pricing)Expected Timeline: 2026 (likely Q1 or Q2)Current Status: NCLT approval obtained for reverse flipKey Milestone: 8 entities merged, Indian domicile secured
The Reverse Flip and Path to IPO
On December 18, 2025, the National Company Law Tribunal (NCLT) approved Flipkart's merger of eight entities, moving the e-commerce major a significant step closer to securing an Indian domicile ahead of a possible public listing. This "reverse flip" involves transferring ownership of the overseas holding company to an Indian entity and consolidating the group structure locally.
The NCLT's approval sanctioned the Scheme of Amalgamation involving eight Singapore-incorporated companies merging into Flipkart Internet Private Limited. For an IPO, investors typically prefer dealing with a single, clearly structured entity. By consolidating its foreign assets and liabilities under the Indian operating company, Flipkart simplifies valuation and compliance processes, making itself more attractive to public investors and SEBI.
Why This Merger Matters
The restructuring brings several advantages:
- Simplified holding structure with reduction of shareholding tiers
- Easier regulatory compliance for SEBI and RBI scrutiny
- Increased investor confidence in valuation and governance
- Path to DRHP filing expected in 2026
According to SEBI documentation, Flipkart is now better placed to file domestic IPO papers and access India's deep, fast-maturing public markets. This is the same path taken by companies like Groww and Meesho, validating the reverse flip strategy.
What Investors Should Expect
Flipkart's IPO would offer:
- E-commerce leadership with 60+ million monthly active users
- Operational profitability with improved unit economics
- Vertical integration through Flipkart Health, Myntra, and other subsidiaries
- Growth exposure to India's rapidly expanding digital retail market
4. PhonePe IPO: India's UPI Payments Giant Goes Public
Target Fundraising: ₹11,000–13,000 crore ($1.3–1.5 billion)Valuation Range: $12–15 billionExpected Timeline: H1 2026 (mid-2026)Filing Status: Confidential DRHP filed with SEBI in October 2025
The Fintech Powerhouse's Market Debut
Bengaluru-based digital payments platform PhonePe filed a confidential Draft Red Herring Prospectus (DRHP) with SEBI in October 2025. The company plans to raise around $1.5 billion (about ₹12,000 crore) through a combination of fresh issue and an Offer for Sale (OFS) by existing shareholders.
PhonePe is India's most-used UPI payment application, with dominant market share in digital payments. The company's IPO is expected to comprise:
- Fresh equity issue for business expansion and product development
- Offer for Sale (OFS) by major investors including Walmart, Microsoft, and Tiger Global
PhonePe's Financial Trajectory
Recent financial performance demonstrates strong fundamentals:
- Revenue for FY24-25: Over ₹7,000 crore (41% YoY growth)
- Losses narrowed: Down to ₹17.2 billion (from ₹19 billion in previous year)
- Operational metrics: Strong user growth and transaction volume increases
- Market position: Dominant UPI player with ~40%+ market share
Investment Considerations
PhonePe's IPO appeals to investors seeking:
- Digital payments exposure to UPI's 500+ billion annual transaction opportunity
- Fintech ecosystem participation in lending, insurance, and wealth management
- Growth in financial services with expansion into buy-now-pay-later and lending
- Profit inflection expected post-IPO
Zepto IPO: Quick-Commerce's Race to Public Markets
Target Fundraising: $450–500 million (₹4,000–4,440 crore)Expected Timeline: H2 2026 (mid-2026 listing target)Filing Status: Becoming a public company in November 2025DRHP Filing: Expected December 2025
The Quick-Commerce Unicorn's Path Forward
Quick-commerce unicorn Zepto has received board approval to convert from a private to a public entity. This conversion is the first step toward launching an IPO. According to Bloomberg reports, the grocery delivery company is gearing up to file papers for a roughly $500 million initial public offering in Mumbai, potentially as early as late 2025.
Zepto's IPO is likely to comprise a mix of fresh equity issuance and secondary stake sales by current investors, with the funds set to support its expansion plans. The company became a public entity in November 2025 and is expected to submit its DRHP to SEBI by late December 2025.
Zepto's Market Position and Growth
Despite operational challenges, Zepto maintains a strong market position:
- Quick-commerce leadership: One of India's top 3-4 quick-commerce platforms
- Unit economics improvement: Better margins on bulk orders and premium segments
- Expansion potential: Plans for pan-India network and international markets
- Technology advantage: Advanced logistics and AI-powered demand forecasting
Considerations for Investors
Potential investors should evaluate:
- Operational efficiency: Vendor payment delays and cost structure concerns
- Market consolidation: Intense competition from Blinkit, Instamart, and others
- Profitability path: Timeline to sustainable unit economics
- Growth trajectory: Expected quarterly growth rates and market expansion
OYO IPO: The Hospitality Tech Company's Third Attempt
Target Valuation: $7–8 billion (₹58,100–66,400 crore)Expected Timeline: Early 2026 (post-DRHP filing in November)Filing Status: DRHP filed in November 2025IPO Price Band: Estimated ₹60–66 per share
The Comeback Story
OYO is making its third attempt at going public after two earlier withdrawals in 2021 and 2024. The hospitality company is prepared to file its Draft Red Herring Prospectus (DRHP) with SEBI in November 2025, targeting a $7–8 billion valuation.
The previous two attempts were withdrawn due to:
- 2021 filing of ₹8,430 crore IPO (~$1.2 billion)
- 2024 withdrawal after refinancing plans
Why OYO's Timing Is Different
This time, fundamentals support the IPO narrative:
- EBITDA positive: Tenth consecutive EBITDA-positive quarter in Q1 FY26
- Revenue growth: Double-digit growth across domestic and international markets
- Improved occupancy: Better rates across both domestic and international properties
- FY26 projections: PAT expected near ₹1,100 crore, EBITDA near ₹2,000 crore
Investment Banking Consortium
Major investment banks have been engaged:
- Axis Capital
- Citi
- Goldman Sachs
- ICICI Securities
- JM Financial
- Jefferies (London)
This consortium signals strong institutional support for the listing.
Valuation Metrics and Investor Appeal
At the targeted $7–8 billion valuation:
- EBITDA multiple: 25–30x FY25 EBITDA
- PAT multiple: 93–107x FY25 PAT
- Comparison: Higher than traditional hospitality peers like Indian Hotels or Lemon Tree, but justified by asset-light, tech-enabled model
boAt IPO: Consumer Electronics Brand's Public Debut
Issue Size: ₹1,500 crore total
- Fresh Issue: ₹500 crore
- Offer for Sale: ₹1,000 croreExpected Timeline: 2026 (post-SEBI approval in September 2025)Market Position: 26% share in branded personal audio (by value), 34% (by volume)
Brand Leader Goes Public
Imagine Marketing Services, the parent company of boAt, received regulatory approval in October 2025 to launch an IPO of around ₹1,500 crore. BoAt is the largest brand in India's branded personal audio segment, with significant brand recognition and market penetration.
Issue Structure and Fund Utilization
The IPO structure includes:
Offer for Sale by Existing Shareholders:
- Sameer Ashok Mehta: ₹75 crore
- Aman Gupta (co-founder): ₹225 crore
- South Lake Investment Limited: ₹500 crore
- Fireside Ventures Investment Fund-I: ₹150 crore
- Qualcomm Ventures: ₹50 crore
Fresh Issue Fund Deployment:
- Working capital needs: ₹225 crore
- Brand and marketing activities: ₹150 crore
- General corporate purposes: Remaining balance
Market Opportunity and Growth
BoAt's IPO addresses:
- Personal audio market: Earbuds, headphones with 40%+ CAGR growth
- Brand strength: Strong online presence and direct-to-consumer model
- Product expansion: Smartwatches, fitness trackers, speakers
- International opportunity: Emerging presence in global markets
Hero FinCorp IPO: Financial Inclusion with Scale
Issue Size: ₹3,668.13 crore total
- Fresh Issue: ₹2,100 crore
- Offer for Sale: ₹1,568 croreExpected Timeline: 2026Target Market: Retail and MSME lending
The MSME and Retail Lending Specialist
Hero FinCorp, the retail- and MSME-focused lending company, is expected to attract strong investor interest, supported by the broader uptick in financial services listings. The company specializes in underserved market segments with growing credit demand.
Why Hero FinCorp's IPO Matters
The financial services sector is experiencing a boom:
- MSME lending growth: Increasing demand for credit from small businesses
- Retail credit expansion: Growing consumer appetite for personal loans
- Digital lending capability: Advanced underwriting and data analytics
- Profitability: Expected strong returns as interest rates stabilize
Investment Appeal
Investors seeking Hero FinCorp IPO should consider:
- Market size: Massive addressable market in MSME and retail lending
- Competition: Rising from banks and fintech players
- Asset quality: Management of credit risks and NPAs
- Growth trajectory: Loan disbursement expansion targets
SBI Mutual Fund IPO: Asset Management Leadership
Target Fundraising: Up to $1.2 billion (₹10,000 crore)Expected Timeline: First Half of 2026Timeline to Approval: 12-month processCurrent Status: Board approval obtained from SBI, Amundi, and SBIFML
India's Largest Asset Manager Goes Public
SBI Funds Management Limited (SBIFML) has begun the process of appointing merchant bankers and other service providers for its proposed initial public offering (IPO). The company, backed by SBI and Amundi, is the largest asset manager in India by Assets Under Management (AUM).
SBI Chairman C.S. Setty announced that the boards of all concerned shareholders—including SBI and Amundi—along with the board of SBIFML, have given approval for a 12-month timeline to IPO preparation.
Market Position and Growth Drivers
SBI Mutual Fund benefits from:
- Parent bank support: Unparalleled distribution through SBI's 20,000+ branches
- Market opportunity: Indian mutual fund industry growing at 15%+ CAGR
- Profitability: Strong net margins on AUM growth
- Regulatory position: Well-regulated, high-integrity player
What SBI Mutual Fund IPO Offers Investors
The IPO provides exposure to:
- Asset management growth: Indian mutual fund market expected to double in 5 years
- Diverse revenue streams: Equity funds, debt funds, liquid funds, hybrid funds
- Institutional strength: SBI's brand and distribution advantage
- International expansion: Potential growth in overseas markets
CarDekho and Other Notable IPO Prospects
CarDekho IPO: The Digital Auto Marketplace
Current Status: On hold as of early 2025Expected Timeline: 2026 (if reactivated)Business Model: Online automobile sales and information platform
CarDekho, operated by Girnar Software Pvt. Ltd., had planned to submit its IPO documents in early 2025 but has put those plans on hold. However, market observers expect the company to refile in 2026 as market conditions improve and auto sector dynamics stabilize.
Comprehensive 2026 IPO Pipeline: By The Numbers
Most Anticipated IPOs
84 companies approved with collective fundraising target of ₹1.14 lakh crore
These include:
- Reliance Jio (₹11–12 lakh crore)
- NSE (₹4.7 lakh crore in grey market)
- PhonePe (₹11–13 lakh crore)
- Zepto (₹4,000–4,440 crore)
- OYO (₹58–66 lakh crore valuation)
- And 79 others across sectors
Companies in SEBI Pipeline
108 companies awaiting approval for ₹1.46 lakh crore in fundraising
Overall Pipeline Statistics
- Total companies: 190+ (approved + awaiting clearance)
- Total fundraising potential: ₹2.5+ lakh crore
- Market readiness: Strong visibility for robust IPO cycle throughout 2026
SEO-Optimized Guide: IPO Basics for First-Time Investors
What is an IPO?
An Initial Public Offering (IPO) is when a private company offers shares of itself to the public through a new stock issuance. This allows the company to raise capital from public investors and simultaneously makes its shares tradable on stock exchanges.
Key IPO Terms Every Investor Should Know
How to Participate in an IPO
Step 1: Research the Company
- Read the prospectus thoroughly
- Understand business model and growth drivers
- Analyze financial statements and management team
- Check industry dynamics and competition
Step 2: Open a Demat Account
- Required to hold shares electronically
- Available through SEBI-registered brokers
- Can be opened online in 5-10 minutes
Step 3: Monitor IPO Timeline
- IPO opening date (when bidding starts)
- IPO closing date (when bidding ends)
- Allotment date
- Listing date
Step 4: Place a Bid
- Decide on price within the price band
- Decide quantity of shares
- Bid through your broker's platform
Step 5: Track Allotment
- Check allotment status on broker's portal
- Receive SMS confirmation
- Fund reflects in Demat account post-listing
Risk Considerations for IPO Investors
- Valuation Risk: Companies may be overpriced at listing
- Performance Risk: Post-IPO performance may not match expectations
- Liquidity Risk: Share trading may be limited initially
- Market Risk: Broader market downturn can impact IPO performance
- Regulatory Risk: Changes in policy can affect business
Market Context: 2025's IPO Boom Setting Stage for 2026
2025 IPO Market Achievements
India's IPO market witnessed record-breaking performance in 2025:
- 93 IPOs launched till November
- ₹1.6+ trillion raised (all-time high)
- Record companies crossing traditional peers
- Diverse sectors from healthcare to software to food services
Major 2025 IPOs included:
- Meesho: ₹5,421 crore (e-commerce)
- Aequs: ₹921 crore (automotive components)
- Vidya Wires: ₹300 crore (wires and cables)
- Plus 90 others across sectors
December 2025 Pipeline: Setting Momentum for 2026
The final month of 2025 was set to bring ₹30,000–40,000 crore worth of IPOs, including:
🏦 BIG SIZED COMING
▪️ Clean Max Enviro – ₹5,000 Cr
▪️ Fractal Analytics – ₹3,900 Cr
▪️ Hero Fincorp – ₹3,000 Cr
▪️ Juniper Green – ₹3,000 Cr
👬 CONSUMER & TECH STARS
▪️ Milky Mist – ₹1,500 Cr
▪️ Innovatiview – ₹1,500 Cr
▪️ Manipal Payment – ₹1,200 Cr
▪️ Kanodia Cement – ₹1,200 Cr
💊 HEALTH, PHARMA & SPECIALITY
▪️ Veeda Clinical – ₹800 Cr
▪️ LCC Projects – ₹700 Cr
▪️ Waterways Leisure (Cordelia Cruises) – ₹700 Cr
▪️ Skyways Air Services – ₹600 Cr
▪️ Ardee Engineering – ₹500 Cr
💎 MID & SMALL GEMS
▪️ PNGS Reva Diamond – ₹400 Cr
▪️ CIEL HR Services – ₹400 Cr
Investor Sentiment Shift: Quality Over Quantity
While main board IPO subscriptions moderated to an average of 33 times (from 42 times in 2024), retail participation cooled to 25 times amid valuation concerns. However, SME IPOs emerged as the preferred playground, averaging 105 times subscription.
This shift indicates:
- More selective investor behavior
- Focus on profitable companies
- Better valuation discipline
- Sustainable IPO pipeline focused on quality
Investment Strategy: How to Approach 2026's IPO Wave
1. Screen by Business Quality
Focus on companies with:
- Profitable or near-profitable business models
- Strong market positions in growing industries
- Experienced management teams with proven track records
- Clear growth catalysts for next 3-5 years
2. Evaluate Valuations Objectively
Use frameworks like:
- Price-to-Earnings (P/E) multiples vs. industry peers
- Enterprise Value to Revenue for high-growth companies
- Price-to-Book value for capital-intensive businesses
- Cash flow multiples for mature companies
3. Understand Risk-Reward Profile
Each IPO carries different risks:
- Reliance Jio: Conglomerate discount vs. telecom opportunity
- NSE: Regulatory/legal risk vs. market infrastructure play
- Flipkart: E-commerce competition vs. market leadership
- PhonePe: Regulatory changes vs. fintech growth
- Zepto: Unit economics profitability vs. market opportunity
4. Consider Investment Horizon
Match IPO selection to your timeline:
- Short-term traders: Focus on listing-day momentum
- Medium-term investors (1-3 years): Look for growth + profitability mix
- Long-term investors (5+ years): Focus on business fundamentals and market opportunity
5. Diversify Across Sectors
Don't allocate everything to one sector:
- Technology/Fintech: PhonePe, Zepto, Flipkart
- Telecom: Reliance Jio
- Financial Services: Hero FinCorp, SBI Mutual Fund
- Consumer: boAt, OYO
- Infrastructure: NSE
Key Regulatory Updates: What Changed for 2026
SEBI Streamlined IPO Timeline
- Reduced processing time: Faster DRHP approvals
- Confidential filing option: Companies can file confidentially before going public
- Simplified compliance: Clearer regulatory expectations
- Expedited listing: T+3 working days post-allotment
RBI and Regulatory Oversight
- Banking sector IPOs: Enhanced scrutiny on capital ratios and profitability
- Fintech regulations: Stricter compliance for payments and lending platforms
- E-commerce regulations: New FDI rules and operational guidelines
- Cross-border considerations: Impact on companies with overseas investors
Preparing for 2026's IPO Mega-Wave
India's 2026 IPO calendar represents an extraordinary opportunity for investors to participate in:
- Historic mega-listings like Reliance Jio
- Long-awaited debuts like NSE
- High-growth stories like PhonePe and Zepto
- Established business expansion like Flipkart and OYO
With over 190 companies in the pipeline targeting ₹2.5+ lakh crore in fundraising, 2026 will test the depth and maturity of India's equity markets. For discerning investors, this represents a unique window to participate in transformative companies at their inflection points.
Whether you're a retail investor taking your first steps or an experienced market participant, the 2026 IPO pipeline offers something for everyone. The key is approaching each opportunity with discipline, research, and clear investment objectives.
Disclaimer: This content is for educational and informational purposes only. It does not constitute investment advice, financial guidance, or a recommendation to buy or sell any security. Individual investment decisions should be made based on thorough research, personal financial situation, risk tolerance, and consultation with qualified financial advisors. IPO investments carry significant risks, including loss of capital. Past performance does not guarantee future results. Please consult with an investment professional before making any investment decisions.
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