Biggest IPOs of 2026 Taking Shape 

But the IPO pipeline remains robust, supported by domestic institutional inflows and retail participation via mutual fund SIPs.

A number of mega IPOs are lining up, from telecom giants and exchanges to fintech leaders and consumer internet firms. Many of these are mature platforms preparing for public scrutiny.

Here is a detailed walkthrough of the mega IPOs expected in 2026, including their expected issue sizes.

Reliance Jio Platforms: The World’s Second-largest Telecom Company

There are IPOs, and then there are events that shift market behavior. Reliance Jio’s listing falls into the latter category.

Reliance Jio Platforms, a subsidiary of Reliance Industries, is expected to launch one of India’s largest IPOs ever. The issue size is widely estimated at over Rs 300 billion (bn), depending on the final dilution. The expected valuation at which the fund will be raised exceeds US$ 100 bn.

The fundraising is expected to be a combination of a fresh issue (by Reliance Industries) and a potential offer for sale from existing investors such as Meta (9.9% stake) and Google (7.7%).

The IPO aims to unlock shareholder value, provide an exit opportunity for early investors, and deliver a separate valuation for the digital and telecom businesses.

According to reports, more than 17 investment bankers, including Citi, BofA, Goldman Sachs, and JM Financial, are preparing the IPO papers. 

The Draft Red Herring Prospectus (DRHP) is expected to be filed soon.

National Stock Exchange: India’s Leading Exchange Finally Coming to Market

The IPO of the National Stock Exchange of India has been one of the longest-running stories in Indian capital markets.

NSE controls a dominant share of India’s derivatives trading, making it a quasi-monopoly infrastructure asset. Its revenues are annuity-like, driven by transaction fees, listings, and data services.

For nearly a decade, regulatory hurdles, from co-location controversies to legal settlements, kept the listing on hold. Now, the process appears to be moving again.

The listing process is now moving from planning to execution. The exchange has already appointed 20 merchant bankers, the highest ever for an IPO in India.

The expected issue size is pegged at around Rs 220 bn, with most of it likely to be an offer for sale (OFS) by existing shareholders.

At least 20 existing investors, including Life Insurance Corporation of India, State Bank of India, ChrysCapital, Temasek, and Canada Pension Plan, are expected to sell a portion of their shares. 

Overall, existing investors are expected to sell a 5% stake in the IPO. It could be valued at about US$ 2.75 bn (roughly Rs 220–230 bn), making it one of the largest IPOs in India’s capital markets in recent years.

The company could be valued at around Rs 4.5 tn.

PhonePe: From Payments App to Financial Super-App

Backed by Walmart, Tiger Global, and Microsoft, PhonePe commands nearly 40% share in UPI transactions. It has steadily expanded into insurance, lending, and wealth distribution.

PhonePe’s IPO is in an advanced stage. The company has filed an updated draft red herring prospectus with SEBI. The IPO could be a pure offer for sale with shareholders offloading up to 51 m shares.

The promoter, Walmart, with 71.8% stake in PhonePe, is expected to trim its stake by about 12% in the IPO. Tiger Global (0.2% stake) and Microsoft (0.7%) plan ​to exit completely. 

The IPO size is expected to be in the range of Rs 70-100 bn, with an expected valuation of around Rs 900 bn. The company is expected to debut once market conditions stabilise.

The listing is likely to serve two purposes. It provides liquidity to early investors and sets a valuation benchmark for India’s fintech ecosystem.

SBI Fund Management: India’s Leading Mutual Fund Company

India’s largest fund house, SBI Mutual Fund, with more than 15% market share and Rs 12.5 tn in AUM, is also expected to debut on Dalal Street.

The subsidiary of State Bank of India (SBI) has filed papers with SEBI to offer its shares to the public for the first time.

The pure offer-for-sale IPO is expected to be launched by September 2026. The company aims to raise up to US$ 1.5 bn at an estimated valuation of US$ 13-15 bn.

The fund house has appointed a consortium of banks to manage the IPO, including Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, JM Financial, and HSBC Holding 

As per the draft prospectus, existing investors SBI (6.3%) and Europe’s biggest fund manager, Amundi (3.7%), will together sell a 10% stake in the company. SBI currently has a 61.8% stake in SBI Mutual Fund, while Amundi holds 36.3%.

After listing, all the top four mutual fund companies in India by assets under management will be listed on the stock exchange.

Flipkart: The E-commerce Giant’s Indian Listing

Flipkart, another major Indian e-commerce company owned by Walmart, is preparing for a potential IPO. The potential IPO of Flipkart has been discussed for years, but in 2026, it could finally materialise.

Walmart acquired Flipkart for US$ 16bn in 2018. Flipkart then raised US$ 350 million (m) in funding from Google at a US$ 37 bn valuation in 2024.

This is expected to be one of the biggest tech listings in India, with the company targeting a valuation of up to US$ 70 bn. 

The IPO is expected to take place between late 2026 and early 2027. Flipkart is testing investor appetite for a US$ 2-2.5 bn pre-IPO round. Investors include Walmart, Tencent, and several global funds, many of whom may look for partial exits through the IPO.

The company has shifted its holding company from Singapore to India, a necessary condition for listing.

Zepto: Quick Commerce Comes to the Market

Zepto represents one of the newest sectors heading toward public markets—quick commerce. The company has started engaging institutional investors as it eyes a listing by June-July 2026.

The company aims to raise funds to fund its growth amid intensifying competition. Proceeds are likely to be used to grow dark-store infrastructure, strengthen supply chains, and invest in private labels.

The quick-commerce platform has filed its confidential draft papers with SEBI for a mega IPO of approximately Rs 110 bn. The IPO is expected to be a fresh issue of shares at an expected valuation of over Rs 400 bn.

Zepto reduced its quarterly cash burn to around Rs 8.5 bn in Q4 FY26, from Rs 12 bn a few quarters ago. It aims to achieve net profit by FY29 and achieve 25-30% quarter-over-quarter growth.

Manipal Health Enterprises

India’s leading hospital chain, Manipal Health, is eyeing its market debut in 2026.

Manipal Health is the second-largest hospital in India by bed capacity. As of 30 September, Manipal had around 12,367 operational beds.

The company has already filed a DRHP to raise around Rs 110 bn in March 2026.

The fundraising is expected to include a fresh issue of shares valued at approximately Rs 80 bn. The company plans to use the IPO proceeds to repay debt (Rs 53.8 bn) and fund the Rs 64 bn acquisition of Sahyadri Hospitals.

Additionally, existing shareholders, including Temasek, Manipal Education, and Novo Holdings, are slated to offload shares worth Rs 30 bn through an offer for sale.

Bagmane Prime Office REIT: India’s Sixth Listed REIT

Beyond operating companies, 2026 is also seeing activity in REIT listings.

REITs are structured differently. They distribute rental income rather than reinvesting for growth. This makes them closer to yielding instruments than traditional equities. The listing signals continued institutional interest in India’s commercial real estate.

Bagmane Prime Office REIT, backed by Blackstone, has filed documents for a Rs 34 bn IPO. The proposed offer comprises an offer for sale of units up to Rs 10.2 bn and a fresh issue of units up to Rs 23.9 bn.

The funds raised from the fresh issue are expected to support the REIT’s growth and capital structure. Bagmane will be India’s sixth listed REIT.

The company manages a portfolio of six Grade A business parks in Bengaluru, totaling 20.3 msf. It also has two under-construction hotels with a total of 607 rooms. It also has a 164.4 MW solar power project under construction near Bagmane.

OYO (Prism)

Prism, the parent of OYO, is preparing for a potential IPO in 2026, with plans to raise roughly US$ 800 m through a fresh issue of shares. The company is targeting a valuation of US$ 7-8 bn.

At the core of this listing is a clear shift in strategy, with the focus now firmly on improving profitability, reducing debt, and steadily expanding its hotel and home network.

The issue size is expected to be in the range of Rs 66.5-84.3 bn, with a majority of the proceeds from fresh issuance rather than an offer for sale. 

The proceeds from the IPO are likely to be deployed toward debt reduction, supporting working capital needs, and funding selective growth initiatives.

Bajaj Green Energy

One of the largest private sector thermal generation companies in Uttar Pradesh, Bajaj Energy, plans to raise Rs 54.5 bn.

The IPO comprises a fresh issue worth Rs 51.5 bn and an offer-for-sale worth Rs 3 bn. The company has already received SEBI approval to launch its IPO.

In addition to these large IPOs, several smaller companies are also eyeing the market.

Names such as Hero FinCorp, Boat, Shiprocket, CarDekho, PayU, Zetwerk, and Milky Mist are at various stages of approval. Smaller but well-known filings like Rentomojo and Turtlemint show how diverse the IPO pipeline has become.

This indicates the IPO market is no longer limited to a few sectors. It includes manufacturing, consumer, fintech, and new-age platforms.

Closing Thoughts

India’s IPO pipeline has many established businesses coming to market. These are not early-stage stories, but companies looking to unlock value and offer exits to investors.

In earlier cycles, IPOs were often about growth stories chasing liquidity. Now, the narrative is shifting toward cash flows, governance, and capital discipline.

Large IPOs like Jio and NSE will test liquidity depth. Tech IPOs like PhonePe and Zepto will test profitability expectations, valuation comfort, and investors’ appetite.

Market conditions may affect the timing, but the pipeline remains active. Overall, this shows a gradual deepening of India’s capital markets.

Happy investing.

Happy investing.

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