Biggest Upcoming IPOs in India July–December 2026: Jio Platforms, NSE, Zepto & More
KEY TAKEAWAY After a slow first half of 2026 — only 26 mainboard IPOs amid US-Iran war-driven volatility — India's primary market is set for a spectacular revival. Jio Platforms, NSE, and Zepto all filed DRHPs within days of each other in June 2026. Together with SBI Funds Management and 150+ SEBI-approved companies in the pipeline, the next two quarters could redefine India's IPO record books. |
Why Are So Many Big IPOs Coming in the Second Half of 2026?
Three forces have converged to make July–December 2026 unusually significant for IPO investors.
Market recovery: Nifty50 fell over 7.5% in the first half of 2026 due to the US-Iran conflict. The peace deal improved global investor sentiment, giving companies the window they were waiting for.
Regulatory unlock: In March 2026, the Government amended the Securities Contracts (Regulation) Rules to allow companies valued above ₹5 lakh crore to list with just 2.5% public float. This gave Jio Platforms the critical regulatory unlock it needed.
Pent-up pipeline: Nearly 150 companies hold SEBI approval to raise approximately ₹1.75 lakh crore, while another 63 firms have filed DRHPs awaiting clearance.
IPO Pipeline — July to December 2026 — Quick Reference
Company | Issue Size (est.) | Valuation (est.) | Status | Expected Listing (2026) |
Jio Platforms | ₹37,000–38,000 Cr | ₹12–13 lakh Cr | DRHP filed Jun 19 | July–December 2026 (TBA) |
NSE | ~₹30,000 Cr | ₹5–6 lakh Cr | DRHP filed, SEBI reviewing | July–December 2026 |
Zepto | ₹8,010 Cr | ~₹63,000 Cr ($7B) | Updated DRHP filed | Jul–Sep 2026 |
SBI Funds Management | ~₹13,000 Cr | TBA | SEBI approval received | July–December 2026 |
Vikram Solar | TBA | TBA | DRHP filed | 2026 |
Milky Mist Dairy | TBA | TBA | DRHP filed | 2026 |
1. Jio Platforms IPO — India's Largest-Ever Public Issue
Jio Platforms Limited | DRHP Filed · June 19, 2026 | ||
ISSUE SIZE (EST.) ₹37,700 Cr ~$4 billion | VALUATION (EST.) ₹12–13 lakh Cr $130–180 billion range | SHARES OFFERED 27 Crore Fresh issue · No OFS | |
FY26 REVENUE ₹1,46,885 Cr +14.6% year-on-year | FY26 NET PROFIT ₹30,049 Cr +15.1% year-on-year | SUBSCRIBERS (MAR 2026) 524.4 Million 5G subscribers: 268.5 Mn | |
What Makes Jio's IPO Different
The Jio Platforms IPO is a 100% fresh issue — meaning no existing shareholder is selling. Every rupee raised goes directly into the company: primarily for prepayment of Reliance Jio Infocomm's (RJIL's) borrowings of up to ₹27,500 crore, with the remainder for network expansion, AI infrastructure, and general corporate purposes.
This contrasts with most recent large IPOs, which included significant OFS components. Mukesh Ambani, Meta, Google, KKR, and sovereign funds like PIF and ADIA are not selling their stakes in this round.
The Regulatory Milestone That Made This Possible
In March 2026, new securities rules permitted companies valued above ₹5 lakh crore to list with just 2.5% public float. Jio's DRHP issues just 2.9% equity — only feasible because of this change.
Jio's Business at a Glance
Jio operates RJIL, which serves 524.4 million customers as of March 2026. It has the world's largest 5G customer base outside China at 268.5 million subscribers. JioAirFiber has scaled to 12.9 million fixed broadband subscribers. MyJio records 215.9 million average monthly active users.
Key Risks
• Total borrowings of ₹70,781 crore as of March 2026
• Revenue from operations declined 3.1% in FY26 vs FY25
• 77% of pre-paid connectivity revenue runs through Reliance Retail as sole distributor
• SEBI has sought clarifications on the DRHP — standard process but adds timeline uncertainty
INVESTOR NOTE Existing Reliance Industries (RIL) shareholders get a special allotment quota. You can apply up to ₹2 lakh in the Retail Category AND ₹2 lakh in the Shareholder Category, doubling allotment chances. Track RIL's record date announcement carefully. |
2. NSE IPO — The Decade-Long Wait Is Over
National Stock Exchange of India (NSE) | DRHP Filed · SEBI Reviewing | ||
ISSUE SIZE (EST.) ~₹30,000 Cr ~$3.1 billion | VALUATION (EST.) ₹5–6 lakh Cr India's largest unlisted company | SHARES (OFS) 14.89 Crore Pure OFS — no fresh issue | |
FY26 REVENUE ₹16,601 Cr –1.3% vs FY25 (₹17,141 Cr) | FY26 NET PROFIT ₹10,302 Cr –15.5% vs FY25 | DERIVATIVES SHARE ~90% Monopoly in equity derivatives | |
Why This Is Significant
NSE has been India's largest unlisted company for nearly a decade. Its IPO had been delayed by the co-location case and governance concerns. With the case now reaching resolution and SEBI granting its No-Objection Certificate, the DRHP has finally been filed.
Unlike Jio, NSE's IPO is a pure Offer for Sale (OFS) — the company itself receives none of the proceeds. Existing shareholders including LIC, SBI, and major banks will use the listing to exit or reduce stakes.
What Investors Should Know
NSE dominates India's capital markets with roughly 90% market share in equity derivatives and consistently high ROE (approximately 45% in FY25). However, FY26 saw a 15.5% decline in net profit to ₹10,302 crore, driven by lower transaction charges after SEBI's restrictions on options expiry structures.
Investors who currently hold NSE unlisted shares at approximately ₹1,925 per share (up 60% year-to-date) stand to benefit significantly from the listing premium, though valuations already reflect significant IPO expectations.
PRE-IPO ANGLE NSE unlisted shares have been one of the most sought-after pre-IPO opportunities of 2026. If you want to participate before the public issue, contact the We Grow Wealth team for current availability and pricing. |
3. Zepto IPO — Quick Commerce Goes Public
Zepto Limited | Targeting Jul–Sep 2026 | ||
FRESH ISSUE SIZE ₹8,010 Cr Shareholder-approved | VALUATION ~$7 Billion ~₹63,000 crore | FY26 REVENUE ₹22,623 Cr From ₹4,454 Cr in FY24 | |
ORDER CAGR 119.5% FY24 to FY26 | DARK STORES 1,139+ As of March 2026 | MARKET SHARE ~30% Quick-commerce, India | |
The Growth Story
Zepto has grown from ₹4,454 crore revenue in FY24 to ₹22,623 crore in FY26 — a five-fold increase in two years. It commands approximately 30% of India's quick-commerce market competing with Blinkit (Zomato) and Swiggy Instamart. Backers include Nexus Venture Partners, General Catalyst, Lightspeed, Y Combinator, and CalPERS.
Zepto's unlisted shares are currently trading at approximately ₹2,750 per share in the pre-IPO market, reflecting strong investor confidence ahead of the listing.
Key Risks
• FY25 reported a loss of ₹3,370 crore — profitability not yet established
• Employee attrition at 51.28% overall; 73.22% for operational staff
• CCI antitrust probe into predatory pricing practices is ongoing
• Intense competition from Blinkit (Zomato) and Instamart (Swiggy)
INVESTOR NOTE Zepto's IPO is expected to be oversubscribed given the quick-commerce growth narrative. However, profitability is not yet established. Suitable for investors with a 3–5 year horizon who believe in India's digital consumption story. |
4. SBI Funds Management IPO — The Mutual Fund Giant
SBI Funds Management Limited | SEBI Approval Received | ||
EST. ISSUE SIZE ~₹13,000 Cr ~$1.3 billion | PARENT State Bank of India India's largest PSU bank | SEBI STATUS Approved Ready to launch | |
SBI Funds Management manages SBI Mutual Fund — one of India's largest AMCs by AUM. Its IPO has received SEBI approval, making it one of the most ready-to-launch issues of July–December 2026. As a subsidiary of SBI, the issue carries strong institutional backing and brand trust, positioning it as a more conservative investment compared to Zepto or Jio.
The AMC sector has seen strong investor appetite following ICICI Prudential AMC's ₹10,602 crore listing in 2025. SBI Funds Management's IPO is expected to attract significant retail and HNI participation.
What the Pipeline Means for Pre-IPO Investors
For investors considering unlisted shares, the July–December 2026 IPO season presents both opportunities and important considerations.
Companies like NSE and Zepto that are trading in the pre-IPO market have already seen significant price appreciation in anticipation of their listings. NSE unlisted shares have risen approximately 60% year-to-date. Zepto trades at ₹2,750 per share. These premiums reflect the market's expectations of strong listing performance — but they also mean the easy returns may already be priced in for some names.
The more interesting opportunity for pre-IPO investors often lies in companies at earlier stages of the IPO journey — businesses with filed DRHPs but not yet priced for imminent listing. Names like Vikram Solar, Milky Mist, and Goodluck Defence fall into this category.
What Investors Should Do Now
Keep your Demat account active and funded
All three major IPOs — Jio, NSE, and Zepto — will require ASBA applications through your bank or broker. Ensure your Demat account is KYC-compliant and linked to a UPI-enabled bank account to avoid application rejection.
Watch for price band announcements
Price band, lot size, and subscription dates for Jio Platforms and NSE will only be confirmed after SEBI completes its 30–75 day review. For Zepto, the subscription window is expected to open between July and September 2026.
If you hold Reliance Industries shares, do not sell them
RIL shareholders will be eligible for a special reservation quota in the Jio IPO. A record date will be announced before the RHP is finalised. Holding even one RIL share on that date qualifies you for the Shareholder Category, allowing a dual application of up to ₹4 lakh total — significantly improving allotment odds.
Assess whether pre-IPO entry still makes sense
For NSE and Zepto, pre-IPO share prices have already moved substantially. Evaluate whether the current unlisted price offers sufficient margin of safety versus the expected listing price. For companies with less price appreciation in the unlisted market, there may be better risk-reward.
RISK REMINDER — PLEASE READ IPO investing involves market risk. Past listing performance does not guarantee future returns. Large IPOs can sometimes list below expectations when market conditions shift. Pre-IPO/unlisted share investments carry additional risks including illiquidity, regulatory changes, and valuation uncertainty. Invest only what you can afford to allocate to higher-risk instruments. Consult a SEBI-registered investment advisor before making decisions. |
KEY TAKEAWAY After a slow first half of 2026 — only 26 mainboard IPOs amid US-Iran war-driven volatility — India's primary market is set for a spectacular revival. Jio Platforms, NSE, and Zepto all filed DRHPs within days of each other in June 2026. Together with SBI Funds Management and 150+ SEBI-approved companies in the pipeline, the next two quarters could redefine India's IPO record books. |
Why Are So Many Big IPOs Coming in the Second Half of 2026?
Three forces have converged to make July–December 2026 unusually significant for IPO investors.
Market recovery: Nifty50 fell over 7.5% in the first half of 2026 due to the US-Iran conflict. The peace deal improved global investor sentiment, giving companies the window they were waiting for.
Regulatory unlock: In March 2026, the Government amended the Securities Contracts (Regulation) Rules to allow companies valued above ₹5 lakh crore to list with just 2.5% public float. This gave Jio Platforms the critical regulatory unlock it needed.
Pent-up pipeline: Nearly 150 companies hold SEBI approval to raise approximately ₹1.75 lakh crore, while another 63 firms have filed DRHPs awaiting clearance.
IPO Pipeline — July to December 2026 — Quick Reference
Company | Issue Size (est.) | Valuation (est.) | Status | Expected Listing (2026) |
Jio Platforms | ₹37,000–38,000 Cr | ₹12–13 lakh Cr | DRHP filed Jun 19 | July–December 2026 (TBA) |
NSE | ~₹30,000 Cr | ₹5–6 lakh Cr | DRHP filed, SEBI reviewing | July–December 2026 |
Zepto | ₹8,010 Cr | ~₹63,000 Cr ($7B) | Updated DRHP filed | Jul–Sep 2026 |
SBI Funds Management | ~₹13,000 Cr | TBA | SEBI approval received | July–December 2026 |
Vikram Solar | TBA | TBA | DRHP filed | 2026 |
Milky Mist Dairy | TBA | TBA | DRHP filed | 2026 |
1. Jio Platforms IPO — India's Largest-Ever Public Issue
Jio Platforms Limited | DRHP Filed · June 19, 2026 | ||
ISSUE SIZE (EST.) ₹37,700 Cr ~$4 billion | VALUATION (EST.) ₹12–13 lakh Cr $130–180 billion range | SHARES OFFERED 27 Crore Fresh issue · No OFS | |
FY26 REVENUE ₹1,46,885 Cr +14.6% year-on-year | FY26 NET PROFIT ₹30,049 Cr +15.1% year-on-year | SUBSCRIBERS (MAR 2026) 524.4 Million 5G subscribers: 268.5 Mn | |
What Makes Jio's IPO Different
The Jio Platforms IPO is a 100% fresh issue — meaning no existing shareholder is selling. Every rupee raised goes directly into the company: primarily for prepayment of Reliance Jio Infocomm's (RJIL's) borrowings of up to ₹27,500 crore, with the remainder for network expansion, AI infrastructure, and general corporate purposes.
This contrasts with most recent large IPOs, which included significant OFS components. Mukesh Ambani, Meta, Google, KKR, and sovereign funds like PIF and ADIA are not selling their stakes in this round.
The Regulatory Milestone That Made This Possible
In March 2026, new securities rules permitted companies valued above ₹5 lakh crore to list with just 2.5% public float. Jio's DRHP issues just 2.9% equity — only feasible because of this change.
Jio's Business at a Glance
Jio operates RJIL, which serves 524.4 million customers as of March 2026. It has the world's largest 5G customer base outside China at 268.5 million subscribers. JioAirFiber has scaled to 12.9 million fixed broadband subscribers. MyJio records 215.9 million average monthly active users.
Key Risks
• Total borrowings of ₹70,781 crore as of March 2026
• Revenue from operations declined 3.1% in FY26 vs FY25
• 77% of pre-paid connectivity revenue runs through Reliance Retail as sole distributor
• SEBI has sought clarifications on the DRHP — standard process but adds timeline uncertainty
INVESTOR NOTE Existing Reliance Industries (RIL) shareholders get a special allotment quota. You can apply up to ₹2 lakh in the Retail Category AND ₹2 lakh in the Shareholder Category, doubling allotment chances. Track RIL's record date announcement carefully. |
2. NSE IPO — The Decade-Long Wait Is Over
National Stock Exchange of India (NSE) | DRHP Filed · SEBI Reviewing | ||
ISSUE SIZE (EST.) ~₹30,000 Cr ~$3.1 billion | VALUATION (EST.) ₹5–6 lakh Cr India's largest unlisted company | SHARES (OFS) 14.89 Crore Pure OFS — no fresh issue | |
FY26 REVENUE ₹16,601 Cr –1.3% vs FY25 (₹17,141 Cr) | FY26 NET PROFIT ₹10,302 Cr –15.5% vs FY25 | DERIVATIVES SHARE ~90% Monopoly in equity derivatives | |
Why This Is Significant
NSE has been India's largest unlisted company for nearly a decade. Its IPO had been delayed by the co-location case and governance concerns. With the case now reaching resolution and SEBI granting its No-Objection Certificate, the DRHP has finally been filed.
Unlike Jio, NSE's IPO is a pure Offer for Sale (OFS) — the company itself receives none of the proceeds. Existing shareholders including LIC, SBI, and major banks will use the listing to exit or reduce stakes.
What Investors Should Know
NSE dominates India's capital markets with roughly 90% market share in equity derivatives and consistently high ROE (approximately 45% in FY25). However, FY26 saw a 15.5% decline in net profit to ₹10,302 crore, driven by lower transaction charges after SEBI's restrictions on options expiry structures.
Investors who currently hold NSE unlisted shares at approximately ₹1,925 per share (up 60% year-to-date) stand to benefit significantly from the listing premium, though valuations already reflect significant IPO expectations.
PRE-IPO ANGLE NSE unlisted shares have been one of the most sought-after pre-IPO opportunities of 2026. If you want to participate before the public issue, contact the We Grow Wealth team for current availability and pricing. |
3. Zepto IPO — Quick Commerce Goes Public
Zepto Limited | Targeting Jul–Sep 2026 | ||
FRESH ISSUE SIZE ₹8,010 Cr Shareholder-approved | VALUATION ~$7 Billion ~₹63,000 crore | FY26 REVENUE ₹22,623 Cr From ₹4,454 Cr in FY24 | |
ORDER CAGR 119.5% FY24 to FY26 | DARK STORES 1,139+ As of March 2026 | MARKET SHARE ~30% Quick-commerce, India | |
The Growth Story
Zepto has grown from ₹4,454 crore revenue in FY24 to ₹22,623 crore in FY26 — a five-fold increase in two years. It commands approximately 30% of India's quick-commerce market competing with Blinkit (Zomato) and Swiggy Instamart. Backers include Nexus Venture Partners, General Catalyst, Lightspeed, Y Combinator, and CalPERS.
Zepto's unlisted shares are currently trading at approximately ₹2,750 per share in the pre-IPO market, reflecting strong investor confidence ahead of the listing.
Key Risks
• FY25 reported a loss of ₹3,370 crore — profitability not yet established
• Employee attrition at 51.28% overall; 73.22% for operational staff
• CCI antitrust probe into predatory pricing practices is ongoing
• Intense competition from Blinkit (Zomato) and Instamart (Swiggy)
INVESTOR NOTE Zepto's IPO is expected to be oversubscribed given the quick-commerce growth narrative. However, profitability is not yet established. Suitable for investors with a 3–5 year horizon who believe in India's digital consumption story. |
4. SBI Funds Management IPO — The Mutual Fund Giant
SBI Funds Management Limited | SEBI Approval Received | ||
EST. ISSUE SIZE ~₹13,000 Cr ~$1.3 billion | PARENT State Bank of India India's largest PSU bank | SEBI STATUS Approved Ready to launch | |
SBI Funds Management manages SBI Mutual Fund — one of India's largest AMCs by AUM. Its IPO has received SEBI approval, making it one of the most ready-to-launch issues of July–December 2026. As a subsidiary of SBI, the issue carries strong institutional backing and brand trust, positioning it as a more conservative investment compared to Zepto or Jio.
The AMC sector has seen strong investor appetite following ICICI Prudential AMC's ₹10,602 crore listing in 2025. SBI Funds Management's IPO is expected to attract significant retail and HNI participation.
What the Pipeline Means for Pre-IPO Investors
For investors considering unlisted shares, the July–December 2026 IPO season presents both opportunities and important considerations.
Companies like NSE and Zepto that are trading in the pre-IPO market have already seen significant price appreciation in anticipation of their listings. NSE unlisted shares have risen approximately 60% year-to-date. Zepto trades at ₹2,750 per share. These premiums reflect the market's expectations of strong listing performance — but they also mean the easy returns may already be priced in for some names.
The more interesting opportunity for pre-IPO investors often lies in companies at earlier stages of the IPO journey — businesses with filed DRHPs but not yet priced for imminent listing. Names like Vikram Solar, Milky Mist, and Goodluck Defence fall into this category.
What Investors Should Do Now
Keep your Demat account active and funded
All three major IPOs — Jio, NSE, and Zepto — will require ASBA applications through your bank or broker. Ensure your Demat account is KYC-compliant and linked to a UPI-enabled bank account to avoid application rejection.
Watch for price band announcements
Price band, lot size, and subscription dates for Jio Platforms and NSE will only be confirmed after SEBI completes its 30–75 day review. For Zepto, the subscription window is expected to open between July and September 2026.
If you hold Reliance Industries shares, do not sell them
RIL shareholders will be eligible for a special reservation quota in the Jio IPO. A record date will be announced before the RHP is finalised. Holding even one RIL share on that date qualifies you for the Shareholder Category, allowing a dual application of up to ₹4 lakh total — significantly improving allotment odds.
Assess whether pre-IPO entry still makes sense
For NSE and Zepto, pre-IPO share prices have already moved substantially. Evaluate whether the current unlisted price offers sufficient margin of safety versus the expected listing price. For companies with less price appreciation in the unlisted market, there may be better risk-reward.
RISK REMINDER — PLEASE READ IPO investing involves market risk. Past listing performance does not guarantee future returns. Large IPOs can sometimes list below expectations when market conditions shift. Pre-IPO/unlisted share investments carry additional risks including illiquidity, regulatory changes, and valuation uncertainty. Invest only what you can afford to allocate to higher-risk instruments. Consult a SEBI-registered investment advisor before making decisions. |
Mukesh Garg
Founder & Managing Director of We Grow Wealth
Mukesh Garg is a practising Chartered Accountant with deep expertise in equity investments, unlisted shares, and pre-IPO opportunities. With years of experience advising investors across the Delhi NCR region, he specialises in helping individuals navigate India's evolving capital markets — from unlisted share valuations to IPO analysis and tax-efficient wealth planning.