Following a record-breaking year for initial public offerings (IPOs) in 2025, India's primary market is poised to maintain its formidable momentum well into 2026. A colossal pipeline of public issues, potentially exceeding ₹2.5 lakh crore, signals sustained confidence from issuers and sets the stage for one of the most significant fundraising cycles in the nation's history.
A Robust Foundation and a Massive Pipeline
The equity fundraising ecosystem in India is entering a pivotal phase, building on a strong 2025. Despite ongoing debates about valuations and mixed post-listing performances, activities across IPOs, Qualified Institutional Placements (QIPs), and rights issues have remained robust. Akshay Gupta, Director of Prime Securities, highlighted that regulatory reforms are streamlining processes and broadening access to capital, making India's primary markets more efficient and globally competitive.
Data from Prime Database reveals the sheer scale of what lies ahead. Currently, 84 companies have already received approval from the Securities and Exchange Board of India (SEBI) and plan to raise approximately ₹1.14 lakh crore. Furthermore, an additional 108 firms are awaiting SEBI's green signal, aiming to mobilise about ₹1.46 lakh crore.
In total, this means over 190 companies are either approved or in the pipeline, representing a potential fundraising pool of over ₹2.5 lakh crore. This strong visibility offers confidence that the IPO cycle will stay vigorous through 2026.
2026: A Test of Market Maturity and Sectoral Leadership
The coming year is expected to challenge the depth and maturity of Indian equity markets. It will test both the quality of issuers approaching the public markets and the sectors that take leadership in fundraising. From new-age technology firms to established legacy players, 2026 could redefine how capital is raised, priced, and deployed in the country, as noted by Gupta.
Top 10 Most-Awaited IPOs to Watch in 2026
The lineup for 2026 features some of the most prominent names in Indian business, promising to draw massive investor attention.
1. Reliance Jio IPO: Potentially among the largest in Indian market history, this public issue is highly anticipated. A Bloomberg report indicated investment bankers are pitching a valuation of up to $170 billion for Jio Platforms. Chairman Mukesh Ambani had suggested the listing could occur in the first half of 2026.
2. NSE IPO: The long-delayed public offering of the National Stock Exchange continues to generate strong investor buzz. SEBI chief Tuhin Kanta Pandey recently expressed confidence that the share sale would eventually see the light of day. NSE's unlisted shares are reportedly trading around ₹1,950 each.
3. Flipkart IPO: The e-commerce giant moved a step closer to an Indian listing after the National Company Law Tribunal (NCLT) approved the merger of eight Flipkart entities on December 18. This paves the way for securing an Indian domicile ahead of a potential public offering.
4. PhonePe IPO: The Bengaluru-based digital payments leader filed a confidential Draft Red Herring Prospectus (DRHP) with SEBI in October. The company plans to raise about $1.5 billion (approx. ₹12,000 crore) through a combination of a fresh issue and an Offer for Sale (OFS).
5. Zepto IPO: The quick-commerce grocery delivery company is preparing to file papers for an IPO worth roughly $500 million in Mumbai, potentially as early as next week, according to a Bloomberg report. The funds are intended to support its expansion plans.
6. Oyo IPO: Reports from PTI suggest the hospitality chain is planning to submit its DRHP, targeting a valuation in the range of $7–8 billion.
7. boAT IPO: The parent company of the popular audio brand, Imagine Marketing Services, received regulatory approval in October 2025 for an IPO sized around ₹1,500 crore.
8. CarDekho IPO: Operated by Girnar Software Pvt. Ltd., CarDekho had planned to submit IPO documents in early 2025 but has currently put those plans on hold, as per a VCCircle report.
9. Hero FinCorp IPO: This retail- and MSME-focused lender's issue comprises a fresh issue of ₹2,100 crore and an OFS of ₹1,568 crore. It is expected to attract strong interest amid a positive trend for financial services listings.
10. SBI Mutual Fund IPO: The country's largest mutual fund has begun the process of appointing merchant bankers for its proposed IPO. SBI Chairman C. S. Setty confirmed that boards of all concerned shareholders have approved a 12-month timeline for the listing.
Navigating the Future of Capital Raising
The unprecedented scale of the IPO pipeline underscores India's evolving position in the global financial landscape. As regulatory frameworks mature and investor appetite grows, the primary market is set for a transformative phase. The performance and reception of these mega-issues, especially from flagship names like Jio and Flipkart, will be critical indicators of the market's long-term strength and sophistication.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
