India’s IPO calendar for 2026 is starting to become hectic by the hour. A quick-commerce firm has filed papers away from public view. The country’s largest stock exchange is making some progress towards its listing timeline. And Reliance’s telecom and digital arm is preparing for one of the biggest listings the market has seen. Together, these developments point to a high-stakes year for the primary market, with several closely watched names moving in parallel toward the bourses.
Mega IPOs to watch in 2026
Here are key details about these IPOs that we know so far –
Zepto files confidential IPO papers
Quick-commerce company Zepto has filed draft IPO papers confidentially with the market regulator Securities and Exchange Board of India (SEBI), as per media buzz. The filing was made on December 26, 2025, after shareholders approved a plan to raise capital.
The confidential filing route allows companies to seek regulatory feedback on disclosures, issue size and pricing before making documents public. Several consumer internet firms, including Swiggy, Meesho and PhonePe, have followed this route in recent years.
Zepto Issue size, valuation and timing
The company is expected to list during the July–September quarter of 2026. The final price band has not been disclosed.
Zepto is targeting a fundraise of around ₹11,000 crore (about $1.2 billion). The IPO is expected to include a fresh issue of shares along with an offer for sale by existing shareholders.
Just to remind our viewers, FinancialExpress.com could not verify the issue size or timeline independently. We have reached out to the company and will update once we receive their response.
Market participants say the company is seeking a valuation in the $7–8 billion range. Zepto last raised $450 million in October 2025 in a funding round led by CalPERS. Earlier investors include General Catalyst, Nexus Venture Partners and Lightspeed, taking the total capital raised to about $1.8 billion.
Zepto business and financials
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto operates a quick-commerce model based on dark stores located close to customers. It runs more than 900 such facilities across major cities and offers grocery and daily-use items with delivery times of around 10 minutes.
Revenue is generated through commissions on gross merchandise value, advertising and private-label products, with take rates estimated at 15–20% of GMV.
For FY25, Zepto reported total sales of Rs 9,668.8 crore, up from Rs 4,224 crore a year earlier. Net losses widened to Rs 3,367 crore during the same period, largely due to spending on dark store expansion and customer incentives. Operational revenue was estimated at Rs 1,500–2,000 crore, representing about 15–20% of GMV.
NSE IPO nearing launch timeline?
The long-pending IPO of the National Stock Exchange of India (NSE) appears to be nearing regulatory clearance.
On January 10, SEBI chairman Tuhin Kanta Pandey said the regulator was at a “very advanced stage” of issuing a no-objection certificate for the listing and that the process could be completed within the month.
NSE Managing Director and Chief Executive Officer Ashish Kumar Chauhan posted on X the very next day that signals from the regulator suggested approval could be expected. He linked the timing to a personal visit to Tirupati.
“The pilgrimage was planned a while back. Hon’ble SEBI chairman’s signal to give NSE IPO approval this month, just as we reached Tirupati last evening, truly felt like a divine sign from the Almighty,” Chauhan wrote.
NSE first filed draft IPO papers in December 2016, but the process stalled following governance issues and the co-location case. In 2024, the exchange settled the trading access and network connectivity matter by paying a ₹643 crore penalty and carried out changes in senior management, board structure and compliance systems.
Prices of NSE shares in the unlisted market have risen about 10–15% in recent days amid renewed interest following regulatory comments.
Once the regulatory hurdles are over, the NSE IPO would rank among the largest in India.
Founded in 1994, NSE operates India’s largest electronic trading platform, covering equities, derivatives and fixed-income products. Its operations include trading, clearing, settlement, market data services and investor education.
Reliance Jio Platforms IPO
Reliance Jio Platforms, the digital and telecom arm of Reliance Industries, is preparing for a public listing targeted for the first half of 2026.
At Reliance Industries’ annual general meeting in August 2025, chairman Mukesh Ambani said the company was making arrangements to file for an IPO, subject to regulatory approvals.
Jio Platforms houses Reliance’s telecom business, Reliance Jio Infocomm, along with broadband, digital applications and enterprise services. The company has more than 500 million users.
Reuters reported that Reliance Jio Platforms is considering an initial public offering that would involve floating 2.5% of the company, a move that could result in the country’s largest-ever IPO, raising more than $4 billion.
The company, led by Mukesh Ambani, is the parent of India’s largest telecom operator, Reliance Jio, which has more than 500 million users. The IPO is among the most closely watched listings expected this year.
In November, investment bank Jefferies estimated Jio Platforms’ valuation at $180 billion. At that level, selling a 2.5% stake would raise about $4.5 billion, exceeding Hyundai Motor India’s $3.3 billion IPO in 2024.
Reuters quoted sources and reported that, “The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension.”
Reuters added that some bankers have pitched valuations of $200 billion to $240 billion, though Reliance has not decided on a final number.
The report said Reliance would prefer to list only 2.5% of Jio’s shares, even as a proposal to reduce the minimum public float for large IPOs from 5% to 2.5% is still awaiting approval from India’s finance ministry.
Reliance did not respond to Reuters’ requests for comment.
Reuters also reported that around 75-80% of Jio Platforms’ annual revenue comes from its telecom business.
It has not been decided whether the IPO will be structured purely as an offer for sale or whether it will include the issuance of new shares. Reuters noted that Hyundai Motor India’s IPO was an offer for sale and did not raise new funds.
The listing would add to strong activity in India’s IPO market. Reuters cited LSEG data showing that India ranked second globally for equity issuance in 2025, raising $21.6 billion as of December 18.
Reuters added that Reliance also plans to list its retail business, though that is unlikely before 2027 or 2028.
Mukesh Ambani first spoke publicly about listing Jio in 2019. Reuters previously reported that the offering was delayed beyond 2025 as the company worked on expanding into newer digital businesses.
According to Reuters, bankers from Morgan Stanley and Kotak are already working with Reliance on drafting the IPO papers, though formal appointments have not yet been announced. The listing timeline will depend on market conditions, one of the sources said.
Conclusion
With multiple large IPO plans advancing at the same time, 2026 is shaping up to be a busyyear for India’s primary market. How these offerings are timed, priced and received will offer an early read on risk appetite and the depth of demand for big-ticket issuances.