India’s primary market is gearing up for another high‑octane year. After a record‑breaking 2025 that saw strong retail participation and marquee listings, attention is now shifting to 2026, where a fresh pipeline of initial public offerings (IPOs) could unlock more than Rs 1 lakh crore.
Unlike earlier cycles driven by niche themes, the upcoming year is expected to be shaped by sheer scale, brand recognition and platform dominance.
From telecom and payments to ecommerce, hospitality and capital markets, some of India’s most recognisable consumer and digital names are lining up for potential listings.
While timelines remain fluid and regulatory approvals are still awaited in many cases, the breadth of the IPO calendar suggests that 2026 could mark the next major chapter for India’s public markets.
A new phase for India’s IPO market
What makes the 2026 IPO pipeline stand out is its diversity. Payments apps, stock exchanges, quick‑commerce platforms, hospitality aggregators and consumer electronics brands are all expected to explore listings. Market participants say this signals a shift from sector‑specific momentum to listings driven by scale, visibility and established user bases.
After the strong run seen in 2025, companies appear keen to tap public markets while investor appetite remains supportive. However, bankers caution that market conditions, valuations and global cues will play a decisive role in determining exact launch windows.
Big‑ticket IPOs expected in 2026
Reliance Jio IPO
Among the most anticipated listings is Reliance Jio. Mukesh Ambani has previously indicated that the telecom and digital services arm of Reliance Industries could go public in the first half of 2026. While the company has not officially confirmed the structure or size of the issue, a Jio listing is widely expected to be one of the largest market events in India’s IPO history.
Flipkart IPO
Walmart‑owned Flipkart has moved closer to a potential listing after the National Company Law Tribunal approved the merger of multiple group entities. The restructuring is aimed at shifting Flipkart’s domicile to India, a move seen as a crucial preparatory step for an IPO. Despite this progress, the company has not yet announced a timeline for its market debut.
NSE IPO
The long‑awaited IPO of the National Stock Exchange of India remains on hold pending regulatory clearances. Although several governance and compliance issues have been addressed, approvals from market regulators are still awaited. The exchange has not provided any official guidance on when the issue might open.
PhonePe IPO
Payments major PhonePe has confidentially filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI). The Walmart‑backed firm has not disclosed the size or timing of the issue, but the filing signals serious intent to access public markets.
Zepto IPO
Quick‑commerce startup Zepto is also expected to take the confidential filing route, according to reports. The company has not shared details on pricing, issue size or timelines, but it is among the most closely watched consumer‑tech names considering a listing.
OYO IPO
Oravel Stays, which operates the OYO hospitality platform, is seeking shareholder approval for a fresh public issue. While earlier listing plans were deferred, the company has restarted preparations, though no date has been announced.
boAt IPO
Imagine Marketing, the parent company of consumer electronics brand boAt, has filed updated draft papers with SEBI. The proposed IPO is expected to include a fresh issue of shares as well as an offer for sale. The company has not indicated when it plans to launch the issue.
Hero FinCorp IPO
Hero FinCorp has filed its draft papers for a public issue and is currently awaiting regulatory approval. The listing would add another large non‑banking financial company to the public markets.
What investors should keep in mind
As India heads into 2026, the IPO landscape appears both promising and complex. While marquee names could attract strong interest, experts advise investors to stay selective, focusing on business fundamentals, profitability paths and valuation discipline.
With more than Rs 1 lakh crore potentially set to be unlocked, the coming year could test both market depth and investor appetite, setting the tone for India’s next phase of capital market growth.
