Major Upcoming IPOs in 2026: Complete Guide to India’s Biggest Public Issues

2026 is shaping up to be a landmark year for investors in the Indian stock market, with an unprecedented wave of major companies and high-growth startups planning to go public. From telecom giants like Reliance Jio to financial powerhouse NSE, payment innovator PhonePe, and e-commerce leader Flipkart, the diversity is extraordinary. Whether you’re interested in legacy businesses with decades of track record or new-age startups with explosive growth potential, this IPO calendar offers something for every type of investor.

If you’re looking for clear, up-to-date IPO information with real-time news updates, this comprehensive guide will help you understand what’s expected, which companies to watch, and how recent market developments like the US-Iran peace deal could revive India’s IPO activity.

Top 10 Companies Expected to Go Public in 2026

1. Reliance Jio: ₹30,000-52,000 Crore Mega IPO

Reliance Jio is reportedly planning one of the largest initial public offerings in India’s history, with estimates ranging between ₹30,000 crore and ₹52,000 crore. The IPO is expected in the first half of 2026, with more updates anticipated at the upcoming Reliance AGM on June 19, 2026.

Since entering the telecom market in 2016, Jio has transformed India’s telecommunications industry and now serves over 500 million users across the country. The company’s expanding 5G rollout further strengthens its position as a key player in the digital and telecom ecosystem. Investment bankers have already been appointed for the IPO, signaling that the process is moving forward.

Key Facts:

• Issue Size: ₹30,000-52,000 crore

• Expected Timing: H1 2026

• Users: 500+ million

• Status: Investment bankers appointed, AGM update expected June 19

2. National Stock Exchange (NSE): ₹47,500 Crore, DRHP Filed

The NSE is India’s largest stock exchange and handles most of the equity and derivatives trading in the country. It also supports commodity trading and clearing services, making it an essential part of India’s financial system. With a valuation of approximately ₹4.75 lakh crore, the IPO intends to sell about 10% of its shares, potentially raising ₹47,500 crore.

BREAKING NEWS (June 18, 2026): NSE filed its draft red herring prospectus (DRHP) with SEBI on Wednesday night for a complete offer for sale (OFS) component. NSE shareholders and similar sector stocks surged up to 14% during trading on June 18 after the filing. According to PTI reports citing people aware of the development, the NSE IPO valuation is estimated close to ₹30,000 crore in the unlisted market, potentially marking one of the biggest public issues ever on the Indian stock market.

Who’s Selling Stakes via OFS?

• State Bank of India (SBI): Selling 2,47,50,000 shares at ₹0.80 per share (weighted average cost)

• Bank of Baroda: Selling 1,09,86,250 shares at ₹0.54 per share

• SHCIL: Selling 1,08,90,000 shares (4.4% stake) at ₹0.46 per share

• General Insurance Corp: Selling 1,06,58,000 shares at ₹5.26 per share

• New India Assurance: Selling 1,05,00,000 shares at ₹0.32 per share

• Other shareholders: MS Strategic Mauritius, Canada Pension Plan Investment Board, Aranda Investments Mauritius, National Insurance Co., United India Insurance

Key IPO Details:

• Total Shares: 14,89,05,525 (14.89 crore) equity shares at ₹1 face value

• Structure: 100% OFS (no fresh issue)

• Allocation: 50% QIB, 15% NII, 35% Retail

• Book Runners: Kotak Mahindra Capital, Morgan Stanley India, HSBC Securities, SBI Capital Markets, Avendus Capital, and 6 others

• Recent Impact: IFCI shares up 4.3%, NSDL up 6%, BSE up 2%, CDSL up 8%

Recent settlements with SEBI and management’s attempts to increase compliance indicate that clearance is near. The company is expected to file final IPO draft papers with SEBI this week.

3. PhonePe: $1.2-1.5 Billion, $15B Valuation

Walmart-backed PhonePe is expected to launch its initial public offering in early 2026 and is reportedly looking to raise around $1.2 billion – $1.5 billion. Beyond payments, PhonePe has been expanding into financial services such as insurance distribution, lending, and wealth management. The company has filed a confidential draft red herring prospectus and is targeting an estimated valuation of around $15 billion.

However, PhonePe had temporarily paused its IPO plans due to geopolitical uncertainties and market volatility. The improving market conditions following the US-Iran peace deal could encourage the company to revive its IPO timeline.

Key Facts:

• Issue Size: $1.2-1.5 billion

• Valuation: ~$15 billion

• Backing: Walmart

• Status: DRHP filed, paused due to volatility

4. SBI Mutual Fund: $1.2 Billion (₹10,000 Crore)

SBI Funds Management is India’s largest AMC, targeting about $1.2 billion (₹10,000 crore roughly). Its leadership position is built on brand trust, wide investor reach, and a diversified product lineup. SBI and Amundi will sell around 10% combined through an offer for sale. The $12 billion valuation they’re aiming for should attract institutional money significantly.

The company is awaiting SEBI approval for the IPO, targeting a potential listing by September 2026.

Key Facts:

• Issue Size: $1.2 billion (₹10,000 crore)

• Valuation: ~$12 billion

• Sellers: SBI + Amundi (10% combined)

• Expected Listing: September 2026

• Status: Awaiting SEBI approval

5. Hero FinCorp: ₹3,668 Crore

Hero FinCorp plans to raise ₹3,668.13 crore through its IPO, which includes ₹2,100.00 crores of fresh issue and ₹1,568.13 crores of offer for sale. They’re focused on vehicle financing, personal loans, and housing loans, mainly in tier 2 and 3 towns where competition’s less intense. As of March 2025, they had ₹51,820.81 crore in AUM with the retail and MSME segments contributing 65.08% and 20.80%.

Key Facts:

• Issue Size: ₹3,668.13 crore

• Fresh Issue: ₹2,100 crore

• OFS: ₹1,568.13 crore

• AUM: ₹51,820.81 crore

• Focus: Tier 2 & 3 towns, vehicle financing, MSME

6. Flipkart: $60-70 Billion Valuation

There has been talk of an IPO from Flipkart for quite a while, and 2026 is the next window. Walmart is still a majority owner, and the players have started the process of moving the structure back to India, which is a necessary step before any listing. The estimated valuation of this IPO is approximately $60-70 billion.

The company has shifted its legal domicile from Singapore to India to align with local regulations and is in the process of filing the DRHP.

Key Facts:

• Valuation: $60-70 billion

• Majority Owner: Walmart

• Status: Domicile shifted to India, DRHP filing process underway

• Expected Window: 2026

7. Zepto: ₹11,000 Crore, July 2026 Launch

Zepto is a fast-growing quick commerce company that promises delivery of groceries and essentials within minutes in major Indian cities. Zepto has approximately 900 dark stores and grossed USD 3 billion (roughly ₹26,000 crore) as of September 2025. Zepto has submitted preliminary documents to market regulator Sebi in an effort to raise Rs 11,000 crore, which will include both OFS and fresh issue.

BREAKING UPDATE: Zepto has filed updated DRHP to raise ₹8,010 crore via fresh issue. IPO likely to launch in July 2026.

Key Facts:

• Issue Size: ₹11,000 crore (updated: ₹8,010 crore fresh)

• Valuation: ~$3 billion (₹26,000 crore revenue)

• Dark Stores: 900

• Expected Launch: July 2026

• Status: Updated DRHP filed

8. OYO: $800 Million Raise

OYO is shooting for an $800 million raise in the year 2026. The firm is betting very heavily on tech to enhance customer experience and help partner hotels function better. Innovations such as digital check-ins and collaboration with local businesses have allowed the brand to continue thriving even during tough times for international travel.

Key Facts:

• Issue Size: $800 million

• Focus: Tech-enabled hotel operations, digital check-ins

• Status: Planning for 2026 listing

9. Bharat Coking Coal (BCCL): ₹1,300-1,500 Crore

Bharat Coking Coal Limited, a subsidiary of Coal India, is expected to launch its IPO in January 2026 through an offer for sale. The issue size is estimated to be in the range of ₹1,300 to ₹1,500 crore, with Coal India planning to divest approximately 10 percent of its stake. BCCL is a key supplier of coking coal in India, with an estimated market share of 58.5 percent. The company plays a critical role in supplying raw material to India’s steel industry.

Key Facts:

• Issue Size: ₹1,300-1,500 crore

• Parent: Coal India

• Divestment: 10% stake

• Market Share: 58.5% (coking coal)

• Expected Timing: January 2026

• Structure: 100% OFS

10. boAt (Imagine Marketing): ₹1,500 Crore

boAt, known for its range of audio accessories and smartwatches, has built a strong presence in India’s consumer electronics market. The company is expected to list in 2026 with a proposed IPO size of around ₹1,500 crore. As per the revised DRHP, the boAt IPO will comprise a fresh equity issue totaling ₹500 crore, along with an offer for sale of ₹1,000 crore by existing shareholders and promoters.

Key Facts:

• Issue Size: ₹1,500 crore

• Fresh Issue: ₹500 crore

• OFS: ₹1,000 crore

• Products: Audio accessories, smartwatches

• Expected Timing: 2026

Additional IPOs in the Pipeline

Razorpay: $500-600 Million

Razorpay has filed confidential draft papers with SEBI to raise $500 to $600 million. The payment gateway company is one of India’s most prominent fintech startups.

Hindustan Coca-Cola Holdings: 2027 Listing

Parent company Coca-Cola plans to list its largest bottler in India in 2027. Investment bankers have been appointed for this offering.

Why IPO Activity Remained Muted in 2026

Despite having massive IPOs in the pipeline, domestic IPO market activity has witnessed a slowdown so far this year. So far in 2026, around 26 mainboard IPOs have successfully listed on domestic stock exchanges, out of which four issues were either REITs or Infrastructure Investment Trust

Three Key Factors Behind the Slowdown:

1. Secondary Market Volatility
Escalating conflicts between the US-Israel-Iran in the Middle East region triggered sharp swings in equity markets. Benchmark NIFTY50 index is down over 8%, while SENSEX is trading over 10% lower so far this year. Companies typically avoid launching public issues during volatile markets as unpredictable conditions affect valuations and subscription demand.

2. Weak Listing of Recent IPOs
Many recently listed companies have delivered muted or negative post-listing returns. This made both retail and institutional investors more selective, forcing issuers to delay offerings.

3. Companies Waiting for Better Valuations
Many firms, even with approved IPOs, opt to wait or stay on sidelines to get premium valuation for their public issue. Several companies choose to wait for right market conditions rather than raising capital at discounted prices.

US-Iran Peace Deal: Potential IPO Market Revival

The combination of factors above has severely impacted primary market activity in India. However, following the announcement of the US-Iran peace deal, the long-awaited overhang on domestic markets seems to be over.

Market Reaction:

• NIFTY50 rose over 1.5% to day high of 24,011

• SENSEX gained over 1,200 points to trade above 76,400 level

The US-Iran peace deal, fall in crude oil prices, and gain in Indian rupee—these multiple factors could revive domestic market conditions and indirectly send a positive signal for the primary market. Besides this, companies like SpaceX which raised a record $75 billion via IPO in the US markets indicates investor appetite for large growth stories remains intact.

This improving market condition could encourage large domestic companies like Reliance Jio, NSE, and others to revive their IPO plans and possibly bring their public issues in the second half of FY27.

Massive IPO Backlog: ₹3 Lakh Crore in Pipeline

According to an Economic Times report, nearly 150 companies have received SEBI approval to raise nearly ₹1.75 lakh crore, while another 63 firms are awaiting regulatory clearance. In total, ₹3 lakh crore worth of IPOs are in the pipeline. This massive IPO backlog has accumulated as companies wait for the right market conditions to bring their public issues.

Quick Overview: Key IPO Status Table

How to Prepare for IPO Investing

To participate in these upcoming offerings:

1. Keep an eye on official filings and timelines through SEBI’s website and company press releases

2. Open a free demat account online with any SEBI-registered broker so you’re ready to apply as soon as IPOs go live

3. Read the DRHP carefully before investing to understand business model, risks, and financials

4. Stay prepared to take advantage of opportunities without missing a beat

5. Monitor market conditions as geopolitical events and economic indicators can impact IPO timing

Conclusion

The IPO calendar of 2026 provides investors with a blend of already developed giants and startups with high growth potential. From telecom and fintech to e-commerce and mutual funds, there’s something to watch for nearly every type of investor. Reliance Jio, NSE, Zepto, PhonePe, and Flipkart represent some of the most anticipated public issues of 2026.

The improving market conditions following the US-Iran peace deal could revive IPO activity, potentially bringing large domestic company offerings in the second half of FY27. With ₹3 lakh crore worth of IPOs in the pipeline and 150 companies already receiving SEBI approval, Indian investors have unprecedented opportunities ahead.

Stay informed, do your due diligence, and position yourself strategically to participate in these major public issues when they launch.

Disclaimer

Important Investment Disclaimer:

This article is designed for educational and informational purposes only and does NOT constitute financial advice, buy/sell recommendations, or investment advisory services. The information about upcoming IPOs, valuations, and timelines is based on publicly available reports, news articles, and regulatory filings as of June 2026.

Investments in the securities market are subject to substantial market risks including the possibility of losing your entire investment. IPO valuations, issue sizes, and listing dates mentioned in this article are estimates and may change based on SEBI approval, market conditions, and company decisions.

Before investing in any IPO:

• Conduct your own thorough analysis and risk due diligence

• Read all related documents carefully, especially the DRHP and prospectus

• Consult with a certified SEBI-registered investment advisor

• Assess your risk tolerance and financial objectives

• Review the company’s financial statements, business model, and competitive position

Past performance of similar IPOs does not guarantee future results. Geopolitical events, market volatility, regulatory changes, and economic conditions can significantly impact IPO performance. Never invest money you cannot afford to lose.

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