Upcoming IPOs 2026: Reliance Jio, NSE, PhonePe Among Market Favourites

With a blockbuster 2025, during which companies from different sectors raised around ₹1.75 lakh crore through IPOs, 2026 seems set to outpace the ongoing year. According to data compiled by the Securities and Exchange Board of India (SEBI) and other market trackers, over 190 companies are either approved or awaiting regulatory clearance to go public. IPOs scheduled for 2026 are expected to collectively bring in over ₹2.5 lakh crore.

Blockbuster Listings in the Pipeline

Here is the list of key companies ready to go public in 2026:

1. Reliance Jio

Reliance Jio Platforms Ltd. is the telecom and digital arm of Reliance Industries. Multiple sources estimate the company’s valuation to be between ₹11 lakh crore and ₹12 lakh crore (roughly USD 130–170 billion), dwarfing previous record offerings.

2. National Stock Exchange (NSE)

The premier equity exchange of India has long been expected to list publicly. Recently, the exchange set aside ₹1,300–₹1,388 crore to settle pending SEBI cases, including co‑location and dark fibre matters. Once the cases are settled and NSE secures an official NOC from SEBI, it can file its Draft Red Herring Prospectus (DRHP) and proceed with the IPO.

3. Flipkart

The Walmart-backed e-commerce titan is expected to pursue a $60 billion–$70 billion valuation IPO, which would rank it among India’s largest tech listings. To prepare for the IPO, the Flipkart Group has narrowed its losses in FY 2024–25.

4. PhonePe

PhonePe is set to go public with an IPO of around $1.2 billion – $1.5 billion through a mix of new shares and an Offer For Sale (OFS) by existing shareholders. Reports suggest PhonePe may be valued at around $15 billion at listing.

5. OYO

The shareholders of the parent company of OYO have received an approval from its shareholder to proceed with an IPO. Shareholders voted in favour of raising up to ₹6,650 crore through a fresh issue of equity shares as part of the proposed public listing. The IPO date has not yet been set and will depend on regulatory approvals (from SEBI) and favourable market conditions.

6. SBI Mutual Funds

SBI Mutual Fund is planning to list on the exchange in the first half of FY26, aiming to raise up to $1.2 billion. Backed by State Bank of India (SBI) and its foreign partner Amundi, it is the largest asset manager in India.

7. Hero FinCorp

Hero FinCorp, the NBFC arm of Hero MotoCorp, has received SEBI approval to raise approximately ₹3,668 crore. Of this, a fresh issue will account for ₹2,100 crore, while the offer for sale (OFS) will be for ₹1,568.13 crore.

8. Navi Technologies

Navi Technologies, founded by Sachin Bansal, is targeting an IPO listing in the second half of FY26. The company has been expanding its presence across personal loans, home loans, and insurance, and its IPO is expected to attract significant market attention.

9. Zepto

Zepto is a Bengaluru-based quick commerce startup known for its “10-minute grocery delivery” model, competing with Instamart (Swiggy) and Blinkit. The board has approved raising up roughly ₹4,000 crore to ₹4,440 crore through a mix of fresh issuance and an offer for sale as part of its IPO preparations.

10. boAT

boAT is set for an IPO of around ₹1,500 crore. The issue will comprise a fresh issue of ₹500 crore, with the balance being an offer for sale (OFS). The key promoters offloading their holdings include South Lake Investment, which is selling ₹500 crore worth of shares, co-founder Aman Gupta, who is offloading ₹225 crore worth of shares, and co-founder Sameer Mehta, who is selling around ₹75 crore worth of shares.

Conclusion

The concentration of large names in the 2026 IPO calendar reflects pent‑up supply, strong corporate confidence, and improving regulatory clarity. If the pipeline materialises as expected, 2026 could see the largest calendar year of IPO activity in Indian market history, attracting broad participation from retail, institutional, and global investors alike.

Note: All IPO timelines and valuations are subject to market conditions and regulatory approvals. Market participants should monitor official SEBI filings and exchange disclosures for the latest updates.

Sources:

Economic Times
TOI
TOI
Outlook Business
ABP
Indian Express
Economic Times
Fortune India
Economic Times