India’s upcoming IPO landscape is entering a decisive phase as the primary market moves into 2026 with one of the densest pipelines in its history. After a record-setting 2025, investors are now closely tracking what are the upcoming IPOs in India, as both established market leaders and new-age unicorns line up to tap public markets.
Market estimates on regulatory filings suggest that the upcoming IPO pipeline for 2026 could mobilise more than ₹2.5 lakh crore, making it potentially the largest capital-raising year ever for Indian equities. This surge reflects a structural shift: companies are no longer viewing IPOs as opportunistic exits, but as long-term funding platforms.
From Record Listings to a Crowded Upcoming IPO Calendar
The foundation for the 2026 cycle was laid in 2025, when India saw 373 IPOs and record fundraising. However, performance divergence after listing changed investor behaviour. While many IPOs listed at a premium, sustained returns depended heavily on earnings visibility and governance quality.
This shift has made investors more selective about which upcoming IPO is good, placing greater emphasis on business fundamentals rather than listing-day enthusiasm or upcoming IPO GMP alone.
As a result, the 2026 pipeline is not just larger, it is more anticipated and scrutinised.
Top 10 Most Anticipated IPOs in 2026
1. Reliance Jio Platforms
Reliance Jio is widely expected to be the largest IPO India has ever seen. speculated valuations between $100 billion and $170 billion, reflecting its dominance as India’s largest wireless carrier with nearly 500 million subscribers and its expanding digital ecosystem spanning cloud, enterprise, and consumer services. The company is targeting a first-half 2026 listing, although formal draft papers are yet to be filed. Internal preparations and capital structuring are currently underway.
2. National Stock Exchange (NSE)
The NSE’s long-awaited listing remains one of the most significant events in Indian capital market history. Unlisted NSE shares have recently traded around ₹1,950, a sharp re-rating from levels seen earlier this decade. The exchange is awaiting a No-Objection Certificate from SEBI, after setting aside ₹1,300–1,400 crore to resolve legacy governance issues, including the co-location case. In FY25, NSE reported a net profit of ₹12,188 crore, up 47% year-on-year, highlighting its earnings strength.
3. Flipkart
Flipkart is targeting a valuation of $60–70 billion for its public debut. In December 2025, it received NCLT approval to shift its domicile from Singapore to India, a move widely seen as the final structural step before a domestic IPO. The company is still awaiting Press Note 3 clearance due to Tencent’s minority stake. Flipkart raised $1 billion in May 2025 and reported a 37% reduction in net losses for FY25.
4. PhonePe
India’s largest UPI platform has already filed a confidential DRHP with SEBI and is targeting an issue size of around $1.5 billion (₹12,000 crore). PhonePe commands a dominant 47.7% share of UPI transaction volumes, making it one of the most systemically important fintech platforms in the country. In FY25, revenue grew 40.5% to ₹7,115 crore, while net losses narrowed to ₹1,727 crore, improving its path toward profitability.
5. OYO (Oravel Stays)
Hospitality platform OYO is preparing for another attempt at going public after multiple delays. The company is targeting a valuation of $7–8 billion and plans to raise up to $800 million through a fresh issue. The renewed listing push reflects investor SoftBank’s insistence on improved profitability and cash-flow stability. Preparatory discussions with global and domestic investment banks are ongoing.
6. SBI Mutual Fund
SBI Mutual Fund is planning a 100% Offer for Sale IPO, targeting up to $1.2 billion in H1 2026. State Bank of India will sell 6.3%, while partner Amundi will offload 3.7%. The asset manager is India’s largest, with assets under management of approximately ₹12.76 lakh crore. Boards have approved a 12-month IPO timeline, and merchant bankers are being appointed.
7. Zepto
Quick-commerce player Zepto, last valued at $7 billion in October 2025, has filed confidential draft papers for an IPO of ₹11,000–12,000 crore. While FY25 revenue surged 129% to ₹9,669 crore, net losses tripled to ₹3,367 crore due to aggressive expansion, including more than 900 dark stores nationwide. The listing will test investor appetite for scale-first business models.
8. Hero FinCorp
Hero FinCorp has already received SEBI approval for a ₹3,668 crore IPO, comprising a fresh issue and an OFS. FY25 revenue rose 18.6% to ₹9,833 crore, but net profit fell sharply to ₹110 crore due to higher borrowing costs and increased credit provisions. Asset quality weakened, with GNPA rising to 5.05%, making risk assessment critical for investors.
9. Navi Technologies
Sachin Bansal-led Navi is targeting a second-half FY26 listing. The company earlier secured SEBI approval for a ₹3,350 crore IPO, though timelines may require updating. Its NBFC arm reported FY25 revenue of ₹2,271 crore and net profit of ₹222 crore. Regulatory overhang eased after the RBI lifted restrictions on loan disbursements in late 2024.
10. boAt (Imagine Marketing)
Consumer electronics brand boAt has refiled updated draft papers for a ₹1,500 crore IPO, including a fresh issue and OFS. The company is targeting a valuation above $1.5 billion. However, statutory auditors have flagged concerns related to financial disclosures, recurring cash losses, and funding mismatches, placing governance firmly under investor scrutiny.
What This Pipeline Signals
Unlike earlier IPO cycles dominated by a single sector, the 2026 pipeline spans telecom, fintech, asset management, e-commerce, consumer technology, hospitality, and financial services. The mix of profitable incumbents and high-growth but loss-making unicorns reflects a market that is broadening in scope but tightening in standards.
The scale of upcoming listings will test domestic liquidity, institutional participation, and investor tolerance for valuation risk. With listing-day gains no longer guaranteed, performance beyond debut will increasingly depend on earnings visibility, governance quality, and disciplined capital allocation.
Kaashika is a social media strategist and financial content creator at Lakshmishree. She specialises in simplifying complex IPO and stock market concepts into clear, easy-to-understand content. Having created over 500+ pieces of financial content across reels, blogs, website posts and digital creatives, Kaashika helps audiences connect with the world of finance in a more accessible and engaging way.
