India’s $20 Billion IPO cart: Jio, NSE, Flipkart Preparing for 2026
India’s primary market is preparing for one of its biggest years yet. Several large and well-known companies are planning to go public in 2026, and early estimates suggest that the total fundraising could reach $20 billion. This projection comes from Equirus Capital, which has been tracking the IPO pipeline closely.
The list includes some of India’s most important names in consumer technology, finance, and digital services. Companies such as Reliance Jio, the National Stock Exchange (NSE), Flipkart, PhonePe, OYO, and SBI Mutual Fund are expected to come to the market. Together, they could make 2026 a landmark year for Indian capital markets and set the stage for deeper investor participation.
This momentum comes after a record fundraising period from 2020 to 2025. To understand why 2026 is shaping up this way, it helps to look at the trends that have shaped the last five years and why promoters and private equity funds are pushing for listings now.
How IPOs Grew Bigger Over Five Years
India’s IPO market has expanded at a scale never seen before. According to Equirus, companies raised ₹5.39 lakh crore between 2020 and 2025. This is more than the ₹4.5 lakh crore raised in the entire 20-year period between 2000 and 2020.
Interestingly, this surge happened even though the number of IPOs in the past five years was about half of the earlier two decades (336 issues compared to 658). The reason is the sharp jump in average IPO size. Bhavesh Shah, Managing Director & Head of Investment Banking at Equirus Capital, explained that the average IPO size from 2020 to 2025 was ₹1,605 crore, compared to ₹692 crore in the earlier period.
Which Are The Companies Set to 2026
The list of expected IPOs reads like a “who’s who” of India Inc. Reliance Jio’s IPO is one of the most closely watched listings, and analysts say it could become one of the largest IPOs in Indian history.
Another anticipated listing is that of the National Stock Exchange (NSE). The NSE has been discussing its IPO for several years. If it finally lists in 2026, it is likely to attract strong institutional demand because of its dominant position in India’s capital markets.
Consumer-technology companies are also set to make a mark. IPOs from Flipkart, PhonePe, and OYO are expected to highlight the digital economy theme. According to Equirus, the market continues to show confidence in new-age companies, especially those with large customer bases and strong brand recall.
SBI Mutual Fund is another major name on the list. As one of India’s largest mutual fund houses, its IPO could create significant interest from domestic investors, who have increased their market participation in recent years.
Another important trend in the IPO landscape is the rise of smaller-city issuers. In 2021, companies from Tier-2 and Tier-3 cities contributed just 4% of IPO funds. By 2024, this number surged to 27%.
Bhavesh Shah said this shows that equity funding is no longer restricted to major metros. “India is standing out as a place where investors can find sustainable growth,” he said.
This growth across regions adds diversity to the IPO pipeline and shows how access to capital markets is spreading across the country.
Why Promoters and PE Funds Are Listing Now
The last few years have been favourable for promoters and private equity (PE) investors looking to exit or monetise holdings. The Offer-for-Sale (OFS) route has gained strong acceptance. According to data cited by Equirus, the share of secondary sales doubled to 16% between January and October 2025.
At the same time, block deals, still the most common form of exit, fell from 67% to 56% during the same period.
Private equity firms also have large investments maturing. Nearly $165 billion of PE investments are moving into the exit stage. As these funds prepare to cash out, IPOs become a natural and efficient strategy for distributing holdings to the public market.
Conclusion
With strong demand, a maturing ecosystem, and a pipeline filled with India’s most well-known companies, 2026 could redefine the country’s IPO landscape. From digital platforms to financial giants and consumer businesses, the lineup shows how broad and diverse India’s corporate ecosystem has become.
As these companies prepare to test the market, the key question remains: Will 2026 become the biggest year in India’s IPO history, or will market conditions shape a different outcome?
References:
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.