India’s stock market is gearing up for a busy 2026, with more than 190 companies ready to raise over Rs 2.5 lakh crore through initial public offerings.
Overview of the 2026 IPO Pipeline
So far, the regulator SEBI has cleared 84 firms to raise about Rs 1.14 lakh crore. Another 108 companies are waiting for approval, seeking roughly Rs 1.46 lakh crore. Combined, the pipeline could bring more than Rs 2.5 lakh crore of fresh capital into the market.
Top 10 IPOs to Watch in 2026
Reliance Jio
The telecom and digital services arm of Reliance Industries is expected to launch an IPO valued between Rs 11 lakh crore and Rs 12 lakh crore. If it goes public in 2026, it would become the largest IPO in India’s history, likely absorbing a lot of market liquidity.
National Stock Exchange (NSE)
The NSE has set aside about Rs 1,300 crore to settle pending regulatory matters. A no‑objection certificate from SEBI could soon clear the way for one of the most watched listings in the country.
Flipkart
Walmart‑owned e‑commerce giant Flipkart is targeting a valuation of $60 billion‑$70 billion for its 2026 listing. Its strong brand and large customer base could make it one of India’s biggest technology IPOs.
PhonePe
Payments platform PhonePe has filed confidential draft papers for a $1.5 billion IPO, which would value the company at around $15 billion. The listing would be a key milestone for the Indian fintech sector.
OYO
SoftBank‑backed hospitality platform OYO is preparing an IPO that could raise up to $800 million. The company is focusing on stabilising operations and improving profitability before going public.
SBI Mutual Fund (SBI Funds Management)
The country’s largest asset manager is considering raising up to $1.2 billion in the first half of 2026. Backed by State Bank of India and Amundi, the IPO would give investors exposure to the fast‑growing mutual‑fund industry.
Hero Fincorp
Hero Fincorp plans to raise Rs 3,668 crore through its IPO, including a Rs 2,100 crore fresh issue and an offer‑for‑sale by existing shareholders. Investors will watch its performance closely, given the cautious mood around unsecured lending.
Navi Technologies
Founder‑led fintech Navi Technologies aims to list in the second half of FY26. The firm has been expanding into personal loans, home loans, and insurance, making it a rare large‑scale fintech IPO.
Zepto
Quick‑commerce startup Zepto is refiling its draft papers to raise $450 million‑$500 million (about Rs 4,000 crore‑Rs 4,440 crore) through fresh equity and investor exits as it scales its operations.
boAt
Consumer electronics brand boAt has appointed ICICI Securities, Goldman Sachs and Nomura as its bankers. The company aims to raise $300 million‑$500 million at a valuation above $1.5 billion, though exact figures may change before filing.
Remember, this is perspective, not prediction. Do your own research before investing.