Big names, big numbers: India’s IPO pipeline for 2026 swells past Rs 2.5 lakh crore.
India's primary market looks set for another busy year in 2026, with a crowded pipeline of large and high-profile companies preparing to tap the stock market. About 84 companies have already received approval from the regulator Sebi to raise around Rs 1.14 lakh crore through initial public offerings. Another 108 companies are still awaiting regulatory clearance and are seeking to raise about Rs 1.46 lakh crore. Taken together, more than 190 companies are either cleared or in the approval queue, pointing to a potential fundraising pipeline of over Rs 2.5 lakh crore.
At the top of the list is Reliance Jio, whose much-anticipated listing could dominate the IPO calendar next year. Market expectations peg the telecom and digital services arm of Reliance Industries at a valuation of around Rs 11 lakh crore to Rs 12 lakh crore. If launched in 2026, Reliance Jio would become India’s largest IPO, with the sheer size of the offering likely to absorb liquidity and shape market sentiment for months.
Another long-awaited listing that could finally see movement is the National Stock Exchange of India. The NSE IPO has gained momentum after the exchange set aside about Rs 1,300 crore to settle pending matters with the regulator. Market participants expect a no-objection certificate from Sebi in the near term, which could clear the path for one of India’s most closely watched listings.
India’s new-age and consumer internet companies are also expected to feature prominently. Flipkart is preparing for a 2026 listing and is said to be targeting a valuation of $60 billion to $70 billion. The Walmart-owned e-commerce major, with its strong brand recall and deep customer base, is expected to be one of the largest technology offerings from India.
Payments major PhonePe has already filed its confidential draft papers with Sebi for a $1.5 billion IPO, valuing the company at around $15 billion. The listing would mark another major milestone for India’s fintech sector, which has seen rapid growth but remains selective in public market acceptance.
Hospitality platform OYO is also back in the spotlight. The SoftBank-backed company has begun preparations for an IPO that could raise up to $800 million, according to reports. OYO is focusing on stabilising its business and improving profitability ahead of the issue, after earlier attempts were delayed by market conditions.
Traditional financial services will also have a strong presence. SBI Funds Management is considering raising up to $1.2 billion through an IPO in the first half of 2026, according to Bloomberg. Backed by State Bank of India and Amundi, it is the country’s largest asset manager by assets and would give investors exposure to India’s fast-growing mutual fund industry.
In the lending space, Hero Fincorp is planning to raise Rs 3,668.13 crore through its IPO, comprising a Rs 2,100 crore fresh issue and an offer for sale by existing shareholders. The company’s performance will be closely watched as investors remain cautious on unsecured lending businesses.
Fintech firm Navi Technologies, founded by Sachin Bansal, is targeting a listing in the second half of FY26. Navi has been expanding across personal loans, home loans and insurance, and its IPO is expected to draw attention as one of the few large founder-led fintechs entering the public markets.
Quick-commerce player Zepto is also preparing to refile its draft papers. The company is looking to raise $450 million to $500 million, or roughly Rs 4,000 crore to Rs 4,440 crore, through a mix of fresh equity and investor exits, as it continues to scale operations in a competitive segment.
Rounding off the list is consumer electronics brand boAt, which has finalised ICICI Securities, Goldman Sachs and Nomura as bankers for its IPO. The company is said to be aiming to raise $300 million to $500 million at a valuation of over $1.5 billion, though the final numbers could change closer to filing.