After a record-breaking 2025, India’s initial public offering (IPO) market is set for another strong year in 2026. This year, India’s primary market saw a record 371 public issues across the mainboard and small and medium enterprise (SME) segments, which collectively raised a total of over Rs 1.75 lakh crore. By comparison, there were 332 IPOs in 2024 and 240 in 2023.
Some of the year’s biggest IPOs included Tata Capital, which raised Rs 15,512 crore, followed by HDB Financial Services at Rs 12,500 crore, LG Electronics India with Rs 11,607 crore, ICICI Prudential AMC at Rs 10,603 crore, and Hexaware Technologies, which raised Rs 8,750 crore.
Upcoming IPOs In 2026
Looking ahead, a series of high-profile IPOs are expected to dominate the primary markets next year.
Reliance Jio Platforms IPO
Topping the list is Reliance Jio Platforms, the digital and telecom arm of Reliance Industries. The IPO could rank among the largest ever in India, with a potential valuation of up to $170 billion, according to a Bloomberg report.
Reliance Industries chairman and managing director Mukesh Ambani, during the company’s recent annual general meeting indicated that the listing may take place in the first half of 2026. The company has started preparing a draft prospectus, although formal filings are pending new IPO regulations and market approvals. If executed, the listing would become one of the most significant events in India’s capital markets.
National Stock Exchange (NSE) IPO
The long-anticipated NSE IPO has also attracted strong investor interest. The exchange plans to sell roughly 10 per cent of its equity, potentially raising about Rs 47,500 crore at a valuation of around Rs 4.75 lakh crore. Recent resolution of governance issues and regulatory settlements has renewed hopes for the listing. However, the IPO remains subject to final approvals from market regulators. Once cleared, the NSE IPO could be one of the largest domestic offerings, given the exchange’s dominant position in India’s cash and derivatives markets.
Flipkart IPO
Flipkart, the Walmart-owned e-commerce giant, is preparing for a domestic IPO in 2026 with an estimated valuation of $60-70 billion. The company has recently secured approval from the National Company Law Tribunal (NCLT) to move its legal domicile from Singapore to India, a critical step for the listing. Although Flipkart has not officially announced the dates of its IPO, the company has strengthened its board with global tech experts, signalling its readiness to enter India’s capital markets.
PhonePe IPO
Digital payments platform PhonePe, also backed by Walmart, has taken a major step toward going public by filing a confidential draft red herring prospectus (DRHP) with market regulator, the Securities and Exchange Board of India (Sebi). The company aims to raise about $1.50 billion (around Rs 12,000 crore) through a combination of fresh equity and an offer for sale by existing investors, including Walmart, Tiger Global, and Microsoft.
Zepto IPO
Quick-commerce grocery delivery start-up Zepto is preparing to file its IPO papers via the confidential route, with the offering expected to raise around $500 million, according to media reports. The company may combine fresh issuance with an offer-for-sale (OFS) component, which could potentially take the total proceeds to $750-800 million. Funds from the listing are expected to support Zepto’s expansion in the highly competitive quick-commerce segment.
Other IPOs In Focus
Several other companies are expected to launch their IPOs in 2026, including:
Bharat Coking Coal (BCCL): The Coal India subsidiary plans a Rs 1,300 crore IPO entirely via an offer-for-sale component.
SBI Mutual Fund: India’s largest asset manager by assets under management (AUM) has begun appointing merchant bankers for its proposed IPO.
Imagine Marketing (boAt): The consumer electronics firm has filed an updated DRHP for a Rs 1,500 crore IPO.
OYO: Parent company Oravel Stays is seeking shareholder approval for a Rs 6,650 crore IPO.
Hero FinCorp: The non-banking financial company (NBFC) has filed its DRHP for a Rs 3,668 crore IPO, comprising both fresh issue and offer for sale.
