Upcoming IPOs in India 2026: The Complete Investor's Guide to India's Biggest Listing Year

India's primary market is heading into what could be its most consequential year ever. With over 190 mainboard companies queued for listing — including some of the most iconic names in Indian business — the upcoming IPOs of 2026 represent a generational opportunity for investors across every category. From Reliance Jio's record-breaking DRHP filing to NSE finally breaking a decade-long listing deadlock, the pipeline for upcoming IPOs this year spans telecom, fintech, quick commerce, e-commerce, and asset management.

At We Grow Wealth, we track every significant pre-IPO and IPO opportunity to help our clients invest with clarity. This blog covers the most anticipated upcoming IPOs in India 2026, their estimated issue sizes, financial snapshots, and what investors should watch before applying.

Why 2026 Is the Year of Mega IPOs in India

India's IPO market had an exceptional 2025 — 103 mainboard companies raised a record ₹1,75,901 crore, topping the ₹1,59,784 crore raised in 2024. The year also saw an all-time high of 249 mainboard DRHP filings with SEBI. India's 2026 IPO landscape looks promising with an expected fundraise between ₹1.67 lakh crore and ₹2.08 lakh crore, with over 190 mainboard firms queued up, including 84 with SEBI clearance totalling ₹1.14 lakh crore.

Several macro factors are converging to make 2026 a breakout year for upcoming IPOs:

Regulatory tailwinds: A March 2026 amendment to the Securities Contracts (Regulation) Rules allows companies valued above ₹5 lakh crore to list with just a 2.5% public float, removing a structural barrier that had held back giants like Jio Platforms from coming to market.

Market normalisation: The first half of 2026 saw subdued IPO activity due to US-Iran geopolitical tensions and a Nifty50 correction of over 7.5%. Experts believe successful listings of upcoming issues and revival of the primary market are crucial in setting the tone for the rest of the year, especially for large and high-profile listings like Zepto, NSE and Jio Platforms.

Value unlocking by promoters: From Mukesh Ambani to SBI to global PE funds, major stakeholders across sectors are choosing 2026 to provide liquidity and discover public market valuations for their marquee assets.

The Big 7: Most Anticipated Upcoming IPOs in India 2026

1. Reliance Jio Platforms — India's Largest-Ever IPO

The story: On June 19, 2026, Jio Platforms filed its DRHP with SEBI — India's largest-ever IPO: a ₹37,700 crore fresh issue at a roughly $137 billion valuation, with 27 crore fresh equity shares and no offer-for-sale component. The listing is expected in the August to October 2026 window. Existing RIL shareholders get a priority allotment quota.

Jio's subsidiary, Reliance Jio Infocomm Limited, served 524.4 million customers as of March 31, 2026. As the only digital connectivity provider globally with an end-to-end 5G technology stack, the company has the world's largest 5G customer base outside China with 268.5 million subscribers, achieved through the fastest global 5G rollout.

Use of proceeds: The company plans to use up to ₹27,500 crore of the net proceeds to prepay or repay borrowings of its telecom arm Reliance Jio Infocomm, with the remaining amount earmarked for general corporate purposes and digital growth initiatives such as 5G, fibre, data centres, and AI-driven services.

Investor angle: Existing Reliance Industries shareholders are eligible for a reserved category, improving allotment odds. This is a pure fresh-issue IPO — no existing investor is cashing out, so all capital goes directly to Jio's balance sheet.

Key risk: The thin 2.9% float and a wide valuation range of $130–170 billion across analyst estimates means pricing discipline will be critical. Read the prospectus carefully before applying.

2. NSE (National Stock Exchange) — Decade-Long Wait Ends

The story: On June 17, 2026, NSE filed its DRHP with SEBI — the formal first step of an IPO that has been talked about, delayed, litigated, and rumoured since 2016. The estimated issue size of the NSE IPO is around ₹30,000 crore, positioning it to become the largest IPO in Indian history, surpassing Hyundai Motor India's ₹27,858.80 crore record set in 2024.

NSE commands roughly 93% of cash-market turnover, 99.79% of equity futures, and 74.71% of equity options by premium. It serves over 12.9 crore registered unique investors, and ranks #1 worldwide in equity derivatives contracts traded (about 51% global share) and #3 in the number of cash-equity trades.

Financials: Total income rose from ₹16,352 crore in FY24 to ₹19,177 crore in FY25, then eased to ₹18,713 crore in FY26. Net profit for FY26 came in at ₹10,302 crore.

Key note: This is a 100% OFS — NSE will not receive any fresh capital. The listing primarily allows existing shareholders like SBI, Morgan Stanley, and Canada Pension Plan Investment Board to partially exit their positions. LIC, the largest shareholder at 10.72%, is not participating in the sale.

3. Zepto — Quick Commerce's IPO Moment

The story: Quick-commerce platform Zepto filed its Updated DRHP in June 2026, following SEBI's observation letter on May 8. The company posted a net loss of ₹591 crore in FY26, against ₹470 crore a year earlier, even as advertising revenue rose 151% year-on-year.

Zepto's order volumes grew at a compound annual growth rate of approximately 119.5% between fiscal 2024 and fiscal 2026. Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto pioneered India's 10-minute grocery delivery model using dark stores, and today operates across Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Pune.

Why it matters: Zepto is among the first pure-play quick-commerce companies in India to attempt a public listing, making it a landmark IPO for the new-age internet economy.

Key risk: The company is still loss-making. Investors should weigh the strong topline growth trajectory against the path to profitability and the intensely competitive Q-commerce landscape.

4. PhonePe — Fintech Super-App Goes Public

The story: PhonePe is India's leading digital payments and fintech super-app. With 400+ million registered users, PhonePe powers every aspect of India's digital economy. Revenue reached ₹7,115 crore (up 40% YoY), with net loss narrowing by 13% to ₹1,727 crore and improved operational margins.

PhonePe commands 40% market share in UPI transactions and is expanding aggressively into credit, insurance, and wealth management.

Timeline note: On March 16, PhonePe temporarily postponed its public listing plans due to prevailing geopolitical uncertainties and volatile market conditions. The company said it will resume the listing process once there is some stability in global capital markets. A second-half 2026 listing remains the most probable scenario.

Investor angle: PhonePe is one of the most structurally compelling fintech IPOs India has seen — first-mover advantage in UPI, growing into adjacent financial services, and backed by one of the world's largest retailers. Watch for the updated DRHP filing.

5. Flipkart — The Reverse-Flip Listing

The story: The Walmart-backed e-commerce titan is expected to pursue a $60 billion–$70 billion valuation IPO, which would rank it among India's largest tech listings. To prepare for the IPO, the Flipkart Group has narrowed its losses in FY 2024–25.

E-commerce major Flipkart completed its re-domiciliation from Singapore to India in March 2026 and is preparing to file its DRHP later this year, with a listing expected in late 2026 or early 2027. Flipkart is also said to be exploring a pre-IPO round of $1–2.5 billion ahead of the public issue.

Why it matters: Flipkart's listing would be the most consequential "reverse-flip" for India's startup ecosystem — bringing one of Asia's largest e-commerce platforms back under Indian market jurisdiction and giving domestic retail investors direct access to a business they use daily.

6. OYO (Oravel Stays) — Hospitality Unicorn's Third Attempt

The story: Oravel Stays (via its parent entity PRISM) operates the global travel-tech unicorn OYO. The company has secured SEBI clearance to raise ~₹6,650 crore through a public issue. Expected to command a valuation of $7–8 billion, this is slated to be one of the largest Indian internet-economy IPOs in FY 2026–27.

OYO has reported ten consecutive EBITDA-positive quarters and is projected to deliver FY 2026 PAT near ₹1,100 crore. Its asset-light, technology-driven model and refined governance framework are expected to draw renewed institutional interest.

After two previous failed IPO attempts, OYO's improved profitability, leaner cost structure, and global footprint across 35+ countries make this third attempt the most credible.

7. SBI Mutual Fund (SBI Funds Management) — India's Largest AMC Listing

The story: The public offering of SBI Funds Management will be India's largest asset-management IPO to date. With ₹16 lakh crore in AUM and a 15.5% industry share, the firm is poised to capitalise on India's 15%+ CAGR mutual-fund growth trajectory. This listing completes SBI's trifecta of listed financial subsidiaries (after SBI Cards and SBI Life), deepening public participation in India's savings ecosystem.

For investors seeking exposure to India's rapidly growing mutual fund industry without picking individual stocks, the SBI Mutual Fund IPO is a compelling structural bet on Indian retail financial deepening.

Upcoming IPOs Watchlist: Mid-Tier Names to Track

Beyond the Big 7, the upcoming IPOs calendar for 2026 also features several mid-tier but high-conviction names:

boAt (Imagine Marketing): Imagine Marketing, the parent company of the consumer-tech brand boAt, has filed an updated DRHP with SEBI for a ₹1,500 crore IPO, comprising a ₹500 crore fresh issue and a ₹1,000 crore OFS by existing shareholders. boAt is India's #1 consumer audio and wearables brand with a strong D2C channel and growing global ambitions.

Hero FinCorp: Hero FinCorp is preparing a ₹3,668 crore IPO, positioned as a potential game-changer in the NBFC sector. Backed by the Hero Group, this NBFC plays primarily in two-wheeler financing and MSME loans — sectors with strong structural tailwinds.

Truhome Finance (formerly Shriram Housing Finance): Backed by the global private equity firm Warburg Pincus, Truhome is the third-largest affordable housing finance company in India by AUM, catering predominantly to self-employed customers through 216 branches across 19 states. The ₹3,000 crore public issue is split equally between a fresh issue and OFS.

Tata Play: The direct-to-home (DTH) platform backed by the Tata Group and The Walt Disney Company is also in the upcoming IPOs pipeline for 2026, pending final DRHP disclosures.