Reliance Jio, Zepto, and Flipkart among key upcoming IPOs as ₹3 lakh crore worth of issues remain in the pipeline

Indian IPO markets got off to a slow start in 2026, with only 20 companies coming out with their IPOs so far this year. The muted activity in the primary market was mainly due to high volatility in the domestic markets after the US-Israel-Iran war and significant sell-off by the foreign institutional investors (FIIs).

NIFTY50 and SENSEX declined by over 11% in March 2026, leading to weak sentiments among investors and companies. Amid volatile markets, companies also choose to wait and avoid listings. Experts believe companies are waiting for the secondary markets to stabilise to bring their public issue at right valuations and better pricing. As per the Economic Times report, around 144 companies that have received SEBI approval are looking 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.

Reliance Jio IPO is one of the most anticipated public issues of this year, along with NSE, Zepto, PhonePe, Flipkart and others.

Upcoming IPOs in 2026

Reliance Jio IPO

India’s largest telecom operator, Reliance Jio Platforms is preparing to bring its IPO in 2026. As per Reuters reports, the company has appointed as many as 17 merchant banks to manage its IPO. Recently, market regulator SEBI eased the minimum public shareholding (MPS) rules, paving the way for large companies like Reliance Jio to float an initial public offering (IPO) by offering a smaller portion of shares to the public.

The public issue is expected to be a complete offer-for-sale by existing shareholders with an issue size of around ₹40,000 crore, which could be the largest ever IPO of the Indian stock market. Meanwhile, the projected valuation of Reliance Jio could be in the range of $130 billion to $170 billion. Another report by Bloomberg states that Reliance Jio could file its draft prospectus (DRHP) with the market regulator before April 2026.

Zepto IPO

Bengaluru-based quick commerce firm Zepto plans to bring its IPO between June and July 2026. The company plans to raise around ₹11,000 to ₹12,000 crore and is targeting a valuation in the range of $5 to $7 billion. Zepto had filed its DRHP via a confidential route and has received in-principle approval from SEBI for the IPO.

As per the Storyboard18 report, Zepto is currently engaging with institutional investors and family offices for its pre-IPO funding rounds. Another report by Economic Times stated that the company is pitching this roadmap to investors with EBITDA breakeven by FY28 and full-year post-tax profitability by FY29 by focusing on increasing its order volumes and keeping its dark store network stable at around 1,100 locations.

Hindustan Coca-Cola Beverages IPO

Coca-Cola is preparing to take its Indian bottling business under Hindustan Coca-Cola Beverages (HCCB) public by the end of 2026. The company has appointed investment banks, including Kotak, HDFC Group, and Citibank to manage the IPO and raise around ₹9,000 crore at a valuation of $10 billion. The proposed IPO comes after the successful listing of global multinational companies like LG Electronics and Hyundai Motors India earlier this year in the Indian stock market.

NSE IPO

National Stock Exchange (NSE) IPO is one of the highly anticipated IPO of 2026. The stock exchange IPO faced several challenges, including a delay in regulatory approval and co-location issues. As per media reports, the company has appointed as many as 20 merchant bankers to manage the IPO. NSE public issue size is estimated to be around ₹20,000 crore with a projected valuation of between ₹5 and ₹7 lakh crore. NSE is a key player in the Indian capital market ecosystem with a near monopoly in the F&O market. In Q3FY26, NSE reported consolidated total income of ₹4,395 crore, up 5.6% QoQ, while profit after tax rose 15% QoQ to ₹2,408 crore.

PhonePe IPO

Digital payments platform PhonePe received SEBI approval in January 2026 to raise around ₹12,000 crore with a valuation of around $10.5 billion. However, the company has temporarily paused its IPO plans amid market volatility and geopolitical tensions. The company plans to resume its IPO listing process once stability returns to capital markets, as per report by entrackr.com.

Flipkart IPO

E-commerce major, Flipkart is another most-awaited public issue of 2026. The IPO-bound company has recently shifted its legal domicile from Singapore to India to align with local regulations, and now the company is in the process of filing the DRHP with the market regulator.

Bhagwati Products IPO

Electronics Manufacturing Services (EMS) provider, Bhagwati Products is also preparing for its pubic issue. The company has appointed investment bankers to raise up to ₹3,000 crore and is targeting a valuation of over ₹20,000 crore. The company offers its services to smartphone makers like Vivo and Oppo and also makes LED TVs, tablets, and smart wearables. The company reported a significant rise in its revenue from ₹655 crore in FY24 to ₹6,200 crore in FY25.