Upcoming IPOs: Mahanadi Coalfields, OYO, Cult.fit, Carlsberg India are among big-ticket IPOs expected after Jio Platforms listing

Domestic IPO markets activity witnessed a revival in second quarter of FY27 after NSE, Jio Platforms and SBI Funds Management and many other big ticket IPOs listed on NSE and BSE. Jio Platforms ₹30,213 crore IPO was largest public offering overtaking Hyundai Motor India’s ₹27,870 crore IPO in 2024.

In H1FY27, a total of 78 companies have raised ₹94,205 crore from primary markets, a rise of 35.4% compared to same period last year.

With major companies such as NSE, Jio Platforms and SBI Funds Management now listed on the stock exchanges, investors are turning their attention to the next set of companies preparing to launch their IPOs.

The IPO market continues to offer opportunities across sectors. PSU Coal miner Mahanadi Coalfields, INOX Air Products, solar panel maker Avaada Electro, insurance firm Acko are among major companies that are looking to raise funds from primary markets via initial public offering in coming months.

Upcoming IPOs at a glance

*Tentative issue size and offer structure mentioned. Final details will be available after RHP filing.

INOX Air Products IPO

INOX Air Products along with US firm Prodair Corporation is one of the largest integrated industrial gases company by revenue, having 22.4% market share in FY26, according to the CRISIL report. The company manufactures, trades, and supplies industrial, electronic, and medical gases across India . INOX Air Products IPO is expected to be complete offer-for-sale by promoters.

Avaada Electro IPO

The solar cell and module maker’s promoter, Avaada Ventures, is expected to sell shares worth approximately ₹6,000 crore via offer-for-sale. The offer also includes up to ₹1,600 crore in fresh shares, with ₹1,200 crore set aside for borrowings and related lender obligations. The company has disclosed 8.5 GW of operational module manufacturing capacity.

Carlsberg India IPO

The company filed an updated draft after receiving SEBI’s observations, with its Singapore holding company planning to sell about 8.64 crore equity shares. The entire offering is an OFS, with no fresh issue component. The company operates a network of seven owned breweries and eight contract manufacturing facilities.

Inox Clean Energy IPO

INOX Clean Energy has filed its DRHP with SEBI to raise around ₹10,000 crore via a combination of fresh issue and offer-for-sale. The net IPO proceeds will be used for debt repayment and for general corporate purpose.

Cult.fit IPO

The company is planning to issue ₹950 crore in fresh shares and an OFS of up to 17.86 crore shares. They operate 708 centres and nearly 10 lakh paid members, with 218 of those company owned. The overall offer is estimated at ₹3,500 - 4,000 crore, with proceeds intended to be used for expansion, lease payments and debt repayment.

OYO IPO

Hospitality platform, OYO’s parent company, Prism is looking to launch its initial public offering in November, 2026 as per report by Moneycontrol. The company has cut its proposed fresh issue almost in half, from ₹6,650 crore to ₹3,350 crore, and dropped the planned pre-IPO placement. The company is expected to set aside about 75% of the issue, to repay or prepay certain outstanding borrowings at its Singapore subsidiary.

Mahanadi Coalfields IPO

Mahanadi Coalfields produced 218.31 million tonnes of coal in FY26, about 21% of India’s domestic output. Parent Coal India now proposes to sell up to 10% of the company through an OFS of 66.18 crore shares, estimated at around ₹10,000 crore. Coal India would receive the proceeds, while the listing would give Mahanadi a separate market valuation.

Razorpay IPO

Razorpay has filed its IPO papers through the confidential route with market regulator, SEBI. Currently, the IPO filing is under regulatory review. The company is expected to raise between ₹5,000 and ₹6,000 crore through this offering. However, more details on issue price band and offer structure will be available once the company files its RHP.

Acko IPO

The digital insure has initiated its initial public offering (IPO) process by speaking with investment bankers. As per media reports, the company plans to confidential IPO filing for SEBI approval before the end of 2026 and could list in early 2027. The company plans to raise between ₹2,500 to ₹2,900 crore but final issue size and other details will only be available after RHP filing.

Navi Technologies IPO

Sachin Bansal’s Navi is exploring another IPO attempt after its earlier plan in 2022. The company is expected to raise up to ₹3,000 crore and target a December 2026 prospectus filing.

Conclusion

The upcoming IPO pipeline suggests that India's primary market could remain active over the coming months, with companies from diverse sectors preparing to tap public investors. From Mahanadi Coalfields to INOX Air Products in the industrial gas space. Investors who are looking to tap these IPO opportunities should look beyond brand recognition and focus on company’s performance, profitability, debt levels, valuations, and the use of IPO proceeds.