After a record year for India’s primary markets, the big question on Dalal Street is no longer about what happened in 2025 but about what could come next. Market expectation is building around a new wave of big-ticket issues that could define the next phase of flurry across India’s public market.
Let’s take a look at the pipeline of upcoming IPOs in 2026 –
1 Bharat Coking Coal
Bharat Coking Coal (BCCL), a subsidiary of Coal India, is expected to hit the markets with a Rs 1,300 crore IPO, largely through an offer for sale. As per reports, the issue could be opened in early January, though no formal confirmation has been issued by the company or the government.
2 Reliance Jio
Reliance Jio Platforms is among the most closely watched expected listings. The telecom and digital services arm of Reliance Industries, as per reports, is preparing a draft prospectus, although it has not yet been filed publicly. As per management commentary, the IPO is expected in the first half of 2026, subject to regulatory approvals and market conditions. No official announcement on the issue size or structure has been made so far.
3 NSE
National Stock Exchange of India (NSE) continues to await regulatory and compliance clearances for its long-delayed IPO. The exchange has resolved several legacy governance issues and also has settled past regulatory matters. This has renewed expectations of a listing. However, approvals from market regulators are still pending. Therefore, there is no confirmation on when the IPO may open.
4 PhonePe
PhonePe, the Walmart-backed digital payments firm, has taken a major step by confidentially filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Now, the confidential route allows the company to delay public disclosure of financial details. The company has not officially announced the timing or size of the offering as of now.
5 Flipkart
Flipkart, India’s largest homegrown e-commerce company, has received approval from the National Company Law Tribunal (NCLT) to move its legal base from Singapore to India. However, it is to note that the company has not made any official IPO announcement yet.
6 Zepto
Zepto is also preparing to file its IPO papers with SEBI through the confidential route, as per reports. As of now, no official announcement has been made regarding the IPO launch date.
7 Oyo IPO
Oravel Stays, the parent company of OYO, is seeking shareholder approval for a Rs 6,650 crore initial public offering. The company has not announced a listing date yet, and the IPO remains expected, subject to regulatory approvals and prevailing market conditions.
8 Boat IPO
The parent company of consumer electronics brand boAt, Imagine Marketing, has filed an updated DRHP with SEBI for a Rs 1,500 crore IPO. The issue is expected to include both fresh shares and an offer for sale, though the final timeline is yet to be announced.
9 Hero FinCorp IPO
Hero FinCorp, the non-banking financial company backed by the Hero group, has filed its DRHP for a Rs 3,668 crore IPO. The company is awaiting SEBI’s approval, and the issue is expected to proceed once market conditions stabilise.
Other IPOs in focus
Beyond the headline issues, a few more companies have already crossed important regulatory guidelines and are now waiting for the right market conditions to move ahead. Fractal Analytics, a data and artificial intelligence services company, has received approval from the Securities and Exchange Board of India (SEBI) for a Rs 4,900 crore initial public offering.
Clean Max Enviro Energy, which operates in the renewable energy space, has also secured SEBI’s nod for its proposed Rs 5,200 crore IPO.
SBI Mutual Fund, one of India’s largest asset management companies, is targeting a potential IPO in 2026.
Meanwhile, Prestige Hospitality Ventures, the hospitality arm of the Prestige Group, has received SEBI approval for a Rs 2,700 crore IPO.
All in all, the IPO pipeline indicates another massive fundraising pipeline and a buzzing primary market next year.