Major Upcoming IPOs in 2026: Top Companies to Watch in India
A Comprehensive Overview | March 2026
India's primary markets are entering one of the most electrifying phases in their history. After a record-breaking 2025 when 371 public issues collectively raised over ₹1.75 lakh crore 2026 is poised to go even further. Over 190 companies are expected to tap the markets this year, with total fundraising projected to cross ₹2.5 lakh crore.
What makes 2026 genuinely historic is not just the volume it is the names. This is the year when Reliance Jio, Flipkart, PhonePe, NSE, and a host of other iconic Indian enterprises are expected to finally ring the opening bell on Dalal Street. Whether you are an investor, a market observer, or simply curious about where India's economy is heading, this IPO calendar offers a front-row seat to the next chapter.
At a Glance: Top 10 IPOs of 2026
The ten most-anticipated IPOs of 2026 span telecom, fintech, e-commerce, hospitality, and public sector enterprises. Together they represent the full breadth of India's economic transformation and could collectively redefine the size and depth of India's public markets.
Detailed Company Profiles
Each profile below covers what the company does, why it matters, its key highlights, and where it currently stands in its IPO journey.
1. Reliance Jio Platforms
India's Largest Telecom and Digital Services Giant
Reliance Jio is the telecom and digital arm of Mukesh Ambani's Reliance Industries. Since its disruptive 2016 launch, it has grown to 500 million+ subscribers, built India's largest 5G network, and expanded into broadband, streaming, and AI services. A listing at the expected valuation would rank among the largest public offerings in global history.
Sector: Telecom & Digital Services Valuation: ~$130–170 Billion Issue Size: ~₹70,000 Crore
Key Highlights
500 million+ subscribers make Jio India's undisputed telecom leader by a wide margin
Operates India's largest 5G network with pan-India rollout ahead of all rivals
JioCinema streams the IPL and premium global content; JioFiber leads India's home broadband race
Reliance plans to offload ~5% equity, potentially raising over ₹70,000 crore
SEBI's new mega-cap IPO norms (minimum 2.5% dilution for ₹5L Cr+ firms) have cleared a key structural hurdle
Draft papers in preparation; internal IPO teams confirmed to be active
Current Status: Draft prospectus in preparation. Awaiting SEBI notification on new mega-cap norms. Target window: H1 2026.
2. National Stock Exchange (NSE)
The Exchange That Powers India's Capital Markets
NSE is India's dominant stock exchange, home to the NIFTY 50 index and the venue for 90%+ of all F&O trades in the country. Its own listing has been one of the most awaited events in Indian market history, delayed for years by regulatory cases that are now nearing resolution.
Sector: Financial Infrastructure Valuation: ~₹4.75 Lakh Crore (~$56B) Issue Size: ~₹47,500 Crore
Key Highlights
Processes 90%+ of all futures and options trades in India a structural near-monopoly
Set aside ₹1,300–1,388 Cr to settle co-location and dark-fibre cases with SEBI
Generates thousands of crores in annual profit from transaction fees and data licensing
At ₹4.75L Cr valuation, listing would rank NSE among India's top 5 entities by market cap
Institutional investors have long awaited direct exposure to India's core trading infrastructure
SEBI NOC is the single remaining regulatory milestone before the DRHP can be filed
Current Status: Pending SEBI no-objection certificate. Settlements progressing. IPO timeline directly tied to SEBI clearance.
3. Flipkart
Walmart's $60–70 Billion E-Commerce Titan
Flipkart is India's largest e-commerce platform by GMV, founded in 2007 and majority-owned by Walmart since its landmark $16 billion acquisition in 2018. The company is in the process of relocating its holding entity from Singapore back to India, a prerequisite for a domestic listing.
Sector: E-Commerce & Retail Technology Valuation: $60–70 Billion Issue Size: To be announced
Key Highlights
Walmart holds a majority stake; NCLT approved the domicile shift from Singapore to India
FY2024–25 saw significant loss reduction, a clear pivot toward profitability ahead of listing
A $60–70B IPO would be among the largest tech listings in Indian capital market history
Flipkart leads India's e-commerce market by gross merchandise value
The listing would give millions of Indian retail investors direct access to a brand they use daily
Final government clearance on the domicile shift is the key remaining pre-IPO milestone
Current Status: Domicile shift approved by NCLT. Final government clearance pending before DRHP filing.
4. PhonePe
India's Dominant Digital Payments Platform
PhonePe commands roughly 40% of all UPI transactions in India, making it the country's most-used payments app. Backed by Walmart, Tiger Global, and Microsoft, it has expanded into insurance, lending, and wealth management, building toward a financial SuperApp. Revenue crossed ₹7,115 crore in FY25, up 40% year-on-year.
Sector: Fintech & Digital Payments Valuation: ~$15 Billion Issue Size: ~$1.5 Billion (~₹12,000 Crore)
Key Highlights
Commands ~40% share of all UPI transactions India's largest payments app by volume
Revenue of ₹7,115 Cr in FY25, up 40% YoY; adjusted net profit tripled to ₹630 Cr
Turned free cash flow positive with operating cash flow of ₹1,202 Cr
Confidential DRHP filed with SEBI; approval reportedly received
Existing shareholders Walmart, Tiger Global, Microsoft to partially exit via OFS
SuperApp strategy covers payments, insurance, lending, and wealth in one platform
Current Status: Confidential DRHP filed and SEBI approval received. Updated public DRHP filing expected imminently. Target: H1 2026.
5. Zepto
The 10-Minute Grocery Delivery Disruptor
Zepto was founded in 2021 by two Stanford dropouts and has become one of the fastest-growing startups in Indian internet history. Its 10-minute grocery delivery model, powered by 900+ dark stores, has crossed annualised GMV of USD 3 billion in just four years and is now heading toward a public listing.
Sector: Quick Commerce Valuation: ~₹3–4 Lakh Crore (estimated) Issue Size: ~₹11,000 Crore
Key Highlights
Annualised GMV of ~USD 3B (₹26,000 Cr) as of September 2025 fastest ramp in Q-commerce
900+ dark stores across India's Tier 1 and Tier 2 cities
Shareholder approval obtained for raising up to ₹11,000 Cr via fresh issue and OFS
Positioned in India's fastest-growing retail segment with quick commerce CAGR of 40%+
One of the youngest startups to target a public market listing of this scale
Founded just 4 years ago; now preparing to become a publicly listed company
Current Status: Shareholder approval secured. Confidential DRHP filing imminent. Target listing window: July–September 2026.
6. OYO (Oravel Stays)
The SoftBank-Backed Hospitality Turnaround Story
OYO went from being a celebrated global startup to a cautionary tale of overexpansion and has since scripted one of India's most remarkable corporate comebacks. After a deep restructuring, the company has now delivered ten consecutive quarters of positive EBITDA and is approaching public markets for the third time, this time with genuine financial credibility.
Sector: Hospitality & Travel Technology Valuation: ₹58,100–66,400 Crore Issue Size: ~₹6,650 Crore
Key Highlights
10 consecutive quarters of positive EBITDA a genuine and documented financial turnaround
FY2026 PAT projected at ~₹1,100 Cr, a landmark profitability milestone for the company
Shareholders voted in favour of raising ₹6,650 Cr through a fresh equity issue
SoftBank, the largest shareholder, seeks partial exit via the IPO
Book-runners include Goldman Sachs, Citi, Axis Capital, and Jefferies
Third IPO attempt after two earlier filings were withdrawn due to adverse market conditions
Current Status: Shareholder approval for ₹6,650 Cr fresh issue secured. SEBI filing and observations pending.
7. SBI Funds Management (SBI Mutual Fund)
India's Largest Asset Manager Seeks a Public Debut
SBI Funds Management is India's biggest AMC with over ₹16 lakh crore in assets under management, representing a 15.5% share of the entire mutual fund industry. A joint venture between SBI and Europe's Amundi, it is backed by the widest distribution network in Indian banking and stands to benefit directly as more Indians move savings into market-linked instruments.
Sector: Asset Management Valuation: To be determined Issue Size: ~$1.2 Billion (10% stake)
Key Highlights
India's largest AMC with ₹16 lakh crore AUM and a 15.5% industry market share
Joint venture between SBI (India's largest bank) and Amundi (Europe's largest AMC)
Would be India's biggest-ever asset management IPO upon listing
India's MF industry growing at 15%+ CAGR with penetration still well below global averages
Completes the SBI Group's listed financial subsidiary trifecta: SBI Life, SBI Cards, and SBI MF
Merchant bankers already appointed; targeting listing in H1 FY2026–27
Current Status: Merchant bankers appointed. Targeting H1 FY2026–27 listing. Formal DRHP filing is the next key step.
8. boAt (Imagine Marketing Ltd.)
India's Homegrown Consumer Electronics Icon
boAt has built the most recognised Made-in-India consumer electronics brand in the country. Founded in 2016, it dominates the wireless earphones and smartwatch space with over 20 million customers by offering aspirational products at accessible prices. It is now bringing that brand equity to India's public markets.
Sector: Consumer Electronics / Wearables Valuation: ~$1.5 Billion+ Issue Size: ₹1,500 Crore
Key Highlights
India's number one brand in wireless earphones and among the top three in smartwatches
Updated DRHP filed with SEBI; bankers include ICICI Securities, Goldman Sachs, and Nomura
IPO comprises ₹500 Cr fresh equity and ₹1,000 Cr OFS by promoters and existing shareholders
20M+ registered customers with strong presence across Amazon, Flipkart, and 50,000+ offline retail points
Benefits from India's rising income levels and growing appetite for premium lifestyle electronics
Positioned as India's answer to global consumer electronics brands like JBL and Fitbit
Current Status: Updated DRHP filed with SEBI. Bankers appointed. Awaiting SEBI observations before launch.
9. Hero FinCorp
The NBFC Arm of the Hero Group
Hero FinCorp is the lending business of the Hero Group, best known for making Hero MotoCorp the world's largest two-wheeler manufacturer. The company provides two-wheeler loans, personal loans, and SME financing using the Hero Group's vast dealer and distribution network. SEBI approval is already in hand, making it one of the readiest listings in the 2026 pipeline.
Sector: Non-Banking Financial Company (NBFC) Valuation: To be determined Issue Size: ₹3,668 Crore
Key Highlights
SEBI approval already received for the ₹3,668 Cr IPO, one step ahead of most peers
₹2,100 Cr fresh issue for growth capital plus ₹1,568 Cr OFS by existing shareholders
Backed by the Hero Group brand, one of India's most recognised and trusted corporate names
Two-wheeler loans form the core book; SME lending is the key growth driver going forward
India's NBFC sector is expanding rapidly on the back of financial inclusion tailwinds
Expected to attract strong retail demand given the Hero brand's broad household recognition
Current Status: SEBI approval already received. One of the most IPO-ready names in the 2026 pipeline. Launch likely by mid-2026.
10. Bharat Coking Coal Ltd. (BCCL)
Coal India's Critical Subsidiary Entering Public Markets
BCCL is India's primary producer of coking coal, the essential raw material for steel manufacturing, and holds a 58.5% share of domestic coking coal supply. A subsidiary of Coal India incorporated in 1972, it represents a rare opportunity for public market investors to gain direct exposure to India's steel supply chain.
Sector: Mining & Energy (PSU) Valuation: To be determined Issue Size: ~₹1,300–1,500 Crore (100% OFS)
Key Highlights
58.5% share of India's domestic coking coal production a near-monopoly domestic position
IPO is entirely structured as an OFS by Coal India with zero fresh equity dilution
Coal India plans to divest ~10% of its stake through the public offering
Rare direct exposure to India's coking coal supply chain, unavailable elsewhere on public markets
India's steel capacity additions and infrastructure push provide durable demand tailwinds
Among the earliest expected listings of 2026, potentially as early as Q1 or Q2
Current Status: OFS structure confirmed. Coal India's divestment mandate in place. Among the earliest expected listings of 2026.
Other Notable IPOs to Watch in 2026
The headline ten are only part of the story. A strong second tier of significant listings is taking shape across renewables, logistics, health tech, and electric vehicles each representing a distinct corner of India's evolving economy.
What Is Driving India's 2026 IPO Boom?
Five structural forces are converging to make 2026 an exceptional year for India's primary markets, each reinforcing the others.
Retail Investor Base Has Exploded: India now has over 18 crore demat accounts, up from just 4 crore in 2020. A new generation of first-time investors is eager to buy shares in brands they use every day, creating deep and sustained demand for IPOs at scale.
PE and VC Funds Are Due for Exits: Venture capital and private equity funds that backed Indian startups in 2015–2019 are approaching the end of their typical 8–10 year fund cycles, creating structured pressure to monetise holdings through public listings.
Profitability Has Arrived: The era of "grow at any cost" is firmly over. Companies like OYO, PhonePe, and Zepto have restructured, cut cash burn, and demonstrated profitability or a credible path to it a prerequisite for passing public market scrutiny.
India's Economy Is at an Inflection Point: With a $3.7 trillion GDP, 1.4 billion consumers, and the fastest-growing major economy globally, India provides listed companies with a powerful long-term growth narrative that global institutional investors want direct exposure to.
SEBI Reforms Have Lowered Barriers: Recent measures including confidential DRHP filings, revised dilution norms for mega-cap companies, and faster approval timelines have materially reduced the friction involved in going public in India.
Conclusion
2026 is not just a busy year for India's IPO market it is potentially a defining one. When companies like Reliance Jio, NSE, and Flipkart finally list, they will not merely raise capital. They will signal to global investors that India's most strategic and valuable enterprises are ready for the standards, transparency, and accountability of public ownership.
The 2026 IPO pipeline tells a story of maturation. The startups that disrupted industries over the past decade have built real businesses with real revenue, improving margins, and defensible market positions. India's IPO market is no longer just a venue for small companies to raise growth capital it is becoming a global stage where brand-name, category-defining enterprises take their bow.
As always, each company deserves its own rigorous assessment. Read the DRHP, understand the business model, scrutinise the use of proceeds, and evaluate the competitive landscape. The quality of the pipeline is exceptionally high in 2026 but selectivity remains the hallmark of sound investment thinking.
Disclaimer: This blog is for informational and educational purposes only and does not constitute investment advice. IPO plans, valuations, issue sizes, and timelines are subject to change based on market conditions and regulatory approvals. Always consult a SEBI-registered financial advisor before making investment decisions.
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