While 2025 went down as a landmark year for primary markets with close to Rs 1.76 lakh crore raised, as per primedatabase. The upcoming calendar year is preparing to blow those records out of the water. Latest data, along with market trackers, suggest a massive pipeline of over 190 companies currently lining up for their stock market debut.
The projected mop-up for 2026? It could mark a staggering Rs 2.5 lakh crore. This surge is fuelled by a mix of tech unicorns, veteran financial institutions, and public sector subsidiaries, finally ending their long wait for a listing.
Reliance Jio Platforms
The crown jewel of the 2026 calendar is undoubtedly Reliance Jio. With a valuation pegged between Rs 11 – 12 lakh crore, its debut would be a historic event for Dalal Street. The telecom and digital giant is reportedly preparing its draft papers for a launch in the first half of the year.
National Stock Exchange (NSE)
After years of regulatory hurdles, the NSE is clearing the decks for its long-awaited listing. While governance and compliance issues have largely been resolved by settling past SEBI cases, the exchange continues to await final regulatory clearance to proceed with a formal DRHP filing.
SBI Mutual Fund
The country’s largest asset manager, SBI Mutual Fund, is planning a landmark IPO in the first half of FY26. This would follow in the footsteps of HDFC and Nippon Life as one of the most significant AMC listings on the exchange.
Hero FinCorp
The NBFC arm of the Hero Group has already secured the green light from SEBI for a Rs 3,668 crore issue. Hero FinCorp aims to use the proceeds to bolster its capital base for future lending growth.
Bharat Coking Coal (BCCL)
The primary market will also see action from the public sector. BCCL, a subsidiary of Coal India, is expected to launch a Rs 1,300 crore IPO. This pure Offer for Sale (OFS) is slated for early 2026 and represents a strategic move by the government to list key energy units.
Flipkart
The e-commerce giant has received approval to shift its domicile from Singapore to India, a key step toward its domestic listing. Analysts eye a massive $60-70 billion valuation for Flipkart as it prepares to offer public market investors a stake in India’s leading homegrown retail platform.
PhonePe
The digital payments leader has already confidentially filed its DRHP with SEBI. While PhonePe has not yet announced a formal issue size, it is looking at a significant capital raise (estimated between $1.2 billion and $1.5 billion) to solidify its position in the fintech space.
Zepto
The latest darling of the startup world, Zepto, has board approval to pull in over Rs 4,000 crore. The quick-commerce firm is reportedly using the confidential filing route as it battles for dominance in the 10-minute delivery market.
OYO (Oravel Stays)
Ritesh Agarwal’s hospitality firm OYO is seeking shareholder approval for a Rs 6,650 crore fresh issue. The listing remains a high-interest event, pending the right market window and final regulatory nods.
Clean Max Enviro Energy
Tapping into the green energy boom, Clean Max Enviro has filed for a Rs 5,200 crore public issue. As India’s largest provider of renewable energy to commercial clients, its listing is highly anticipated by ESG-focused investors.
Fractal Analytics
India is set to welcome its first major AI-focused listing with Fractal Analytics. The company has received SEBI approval for a Rs 4,900 crore IPO, which will include a mix of fresh issue and an offer for sale by early backers like TPG and Apax.
boAt (Imagine Marketing)
Led by Aman Gupta, consumer electronics brand boAt has filed an updated DRHP for a Rs 1,500 crore IPO. The brand is looking to capitalize on its massive retail footprint and expansion into wearable tech.
Prestige Hospitality Ventures
The hospitality arm of the Prestige Group has received SEBI approval for a Rs 2,700 crore IPO. The company manages luxury assets under brands like Marriott and Hilton, and plans to use the funds to repay debt and pursue inorganic growth.
New SEBI Approvals: Dhariwal, ESDS, and BLS
The pipeline is further strengthened by recent clearances for:
- Dhariwal Buildtech: A Rs 950 crore fresh issue focused on infrastructure and road construction.
- ESDS Software Solution: Seeking to raise Rs 600 crore to expand its cloud infrastructure and data center capabilities.
- BLS Polymers: Planning a fresh issue of 1.7 crore shares to boost manufacturing capacity for industrial polymer compounds.
