India’s 2026 IPO pipeline dazzles with mega listings from Reliance Jio, NSE, and PhonePe, poised to raise over ₹2.5 lakh crore across 190+ issues. These blockbusters span telecom, fintech, and quick-commerce, signaling robust market momentum amid economic growth. Investors eye high valuations and sector diversity for blockbuster gains
Here are the top IPOs to watch out for in 2026:
Reliance Jio plans one of India’s largest listings, aiming to raise roughly 6 billion USD (₹35,000–50,000 crore) at a valuation that various analysts peg between about 130–170 billion USD (roughly ₹9–14 lakh crore). The company wants to unlock value from its 500‑million‑plus user base while funding 5G, fiber, and digital platform expansion across India.
PhonePe IPO
PhonePe is preparing a 1.5‑billion‑USD IPO via the confidential route, implying a valuation near 15 billion USD, higher than its last private round. Funds are aimed at strengthening UPI payments, insurance and mutual fund distribution, and offline merchant acceptance as it tries to consolidate leadership in Indian digital payments.
Flipkart IPO
Flipkart has secured NCLT approval to move its domicile from Singapore to India, a key step ahead of an expected 60–70‑billion‑USD IPO in 2026. The Walmart‑controlled e‑commerce leader intends to use listing visibility and capital to deepen logistics, grocery, and fintech offerings in India’s competitive online retail market.
OYO IPO
OYO is reviving its public issue plans after earlier delays, with reports pointing to a multi‑billion‑dollar valuation if markets are supportive. The hospitality platform is focusing on improving profitability, strengthening its hotel partner ecosystem, and expanding in key overseas markets before listing.
NSE IPO
The National Stock Exchange is working toward resolving regulatory issues and obtaining SEBI’s no‑objection certificate to enable its long‑awaited IPO, with commentators talking of a potential ₹4–5 lakh crore valuation. Proceeds and listing status would support technology upgrades, new products, and deeper participation by domestic and foreign investors in India’s capital markets.
Zepto IPO
Zepto, a leading quick‑commerce grocery player, plans to raise about ₹4,000–4,440 crore, with pre‑IPO valuation estimates around 7 billion USD. The issue is expected to fund expansion of its dark‑store network, faster delivery capabilities, and technology to compete with other instant‑delivery platforms.
SBI Mutual Fund IPO
SBI Mutual Fund, among India’s largest asset managers by AUM, is preparing an IPO that would see up to 10% of equity offered to the public. Listing is expected to widen ownership, improve brand visibility, and provide capital and stock currency to grow passive products and retail investor reach.
Hero FinCorP IPO
Hero FinCorp is lining up an IPO of roughly ₹3,000–3,668 crore as it scales its NBFC operations. The company plans to use proceeds to strengthen its capital base, expand two‑wheeler, MSME, and consumer loans, and digitize its lending and collections infrastructure.
Fractal Analytics IPO
Fractal Analytics, an AI and data analytics firm serving global enterprises, appears in multiple 2026 pipeline lists with an indicated IPO size near ₹3,900 crore. The company is expected to deploy fresh capital into product development, cloud infrastructure, and international expansion in analytics‑driven decision tools.
Clean Max Enviro IPO
Clean Max Enviro (Clean Max Enviro Energy) has SEBI approval for an IPO of about ₹5,000–5,200 crore in the renewable energy space. Funds are targeted for scaling rooftop solar, open‑access renewable projects, and related green infrastructure as corporates seek cleaner power solutions.
Top 10 IPOs List
| Rank | Company | Expected Valuation | Timeline |
|---|---|---|---|
| 1 | Reliance Jio | ₹11-12 lakh Cr | H1 2026 |
| 2 | NSE | ₹4.7 lakh Cr | Q1 2026 upstox |
| 3 | PhonePe | ₹11-13 lakh Cr | H1 2026 |
| 4 | Flipkart | ₹2-3 lakh Cr (est.) | Q1 2026 |
| 5 | Zepto | ₹40,000-44,000 Cr | Early 2026 |
| 6 | OYO | ₹58-66 lakh Cr | Mid 2026 |
| 7 | Hero FinCorp | ₹30,000-36,000 Cr | H1 2026 |
| 8 | Fractal Analytics | ₹39,000 Cr | 2026 |
| 9 | Clean Max Enviro | ₹50,000 Cr | H1 2026 |
| 10 | SBI Mutual Fund | ₹1-2 lakh Cr (est.) | Late 2026 |
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