The IPO wave keeps getting stronger. A large number of Indian companies across technology, finance, logistics and clean energy are preparing to approach the public markets in 2026. Draft filings, early regulatory steps and disclosures point to intent, but none of the issuers have locked in firm launch dates yet. Much of what is on the table remains conditional on approvals, market conditions and internal readiness.
National Stock Exchange of India
The long-pending listing of the National Stock Exchange has returned to focus after reports that the market regulator may issue a no-objection certificate in the near term. Such a clearance would address a key regulatory hurdle that has held up the listing for years.
Governance concerns and past regulatory scrutiny have delayed the listing plans and while a clearance would be significant, it would still not amount to a confirmed listing timeline.
Fractal Analytics IPO
Fractal Analytics has already filed draft papers for an initial public offering sized at Rs 4,900 crore. The issue is structured as a fresh issue of Rs 1,279.3 crore and an offer for sale of Rs 3,620.7 crore by existing shareholders, including Quinag Bidco, TPG Fett Holdings and members of the founding Remala family.
The company has said the fresh capital would be used for repaying debt at a subsidiary, investing in research and development, strengthening sales and marketing, setting up new offices in India and pursuing inorganic growth. Founded in 2000, Fractal Analytics works with large global enterprises, providing artificial intelligence-driven decision support across operations and strategy.
Shadowfax IPO
Shadowfax is targeting a public issue of roughly Rs 2,000 crore, with plans centred on funding growth through a fresh issue. The logistics technology company specialises in last-mile delivery and has expanded into hyperlocal services while servicing large e-commerce platforms.
Regulatory filings are expected in the coming months, though the company continues to prioritise scale and network expansion as it works towards sustainable profitability.
PhonePe IPO
Digital payments firm PhonePe is working towards a public issue estimated at about Rs 12,000 crore, with market estimates placing its valuation between Rs 80,000 crore and Rs 1 lakh crore. The Walmart-backed company filed draft papers in late 2025 and is aiming for a listing in the first half of 2026.
PhonePe has expanded into insurance and wealth products, though regulatory processes tied to its corporate restructuring remain ongoing.
Hero FinCorp IPO
Hero FinCorp is planning a Rs 3,668.13 crore public issue, combining a fresh issue of Rs 2,100 crore with an offer for sale of Rs 1,568.13 crore by existing investors, including AHVF II Holdings Singapore II and Apis Growth II.
According to disclosures, proceeds from the fresh issue are intended to bolster the company’s Tier I capital base to support future lending. The non-banking finance company operates across retail, MSME and consumer institutional finance segments, catering to borrowers as formal credit penetration continues to expand.
Clean Max Enviro Energy Solutions IPO
Clean Max Enviro Energy Solutions is preparing an IPO of Rs 5,200 crore, consisting of a Rs 1,500 crore fresh issue and a Rs 3,700 crore offer for sale. Promoters and early investors, including Kuldeep Jain, KEMPINC and BGTF One Holdings, are expected to dilute part of their holdings through the OFS.
The company has indicated that fresh funds will be used primarily to reduce debt at the company and subsidiary level, along with general corporate purposes. Clean Max provides renewable energy solutions to commercial and industrial clients, covering project development, operations and maintenance, and carbon credit services.
Shiprocket IPO
E-commerce logistics firm Shiprocket is expected to seek public funding of around Rs 2,342 crore in 2026. Backed by investors including Temasek, the company has begun work on its draft prospectus.
Shiprocket focuses on shipping and fulfilment for online sellers, particularly small and mid-sized merchants. While it has scaled rapidly, the business continues to operate in a segment marked by tight margins and competitive pricing.
Conclusion
While the pipeline for 2026 appears busy, most of these offerings are still at the preparatory stage. Regulatory clearances, market conditions and internal execution will determine which plans move ahead and which are deferred. Until those pieces fall into place, the expected IPOs remain intentions rather than schedules.