Upcoming IPOs: Reliance Jio, PhonePe, Zepto among big-ticket IPOs expected in 2026; check full list

India’s IPO market saw yet another remarkable year. The primary market saw a record number of 371 (mainboard + SMEs) public issues in 2025, compared to 332 IPOs in 2024 and 240 issues in 2023. Total funds raised through these IPOs reached a record level, crossing ₹1.75 lakh crore ($21 billion) for the calendar year.

Some of the biggest IPOs by issue size included notable companies like Tata group-backed Tata Capital, which successfully raised ₹15,511.8 crore in October 2025. HDB Financial Services (issue size: ₹12,500 crore), LG Electronics India (issue size: ₹11,607 crore), ICICI Prudential AMC (issue size: ₹10,602.6 crore) and Hexaware Technologies (issue size: ₹8,750 crore).

2025 also saw a strong comeback of tech startup IPOs, with as many as 18 IPOs coming from this segment, collectively raising about ₹41,248 crore. Companies like Meesho, Lenskart, Groww, PhysicsWallah, Ather Energy, Urban Company, Wakefit and others successfully raised funds and listed on the bourses.

As we approach the end of 2025, the IPO lineup for next year also looks promising. Here’s a brief overview of upcoming IPOs scheduled in 2026, along with their current IPO status.

Upcoming IPOs in 2026

Reliance Jio IPO

Flipkart IPO

Flipkart, the Walmart‑owned e‑commerce giant, is preparing for a domestic IPO targeted in 2026 with an estimated valuation of $60-70 billion. The company recently secured NCLT approval to shift its domicile from Singapore to India, a key step to facilitate the listing, while final government clearance is pending for minority shareholder protections. Dan Neary, a former Meta executive, has joined Flipkart's board, ahead of the IPO, by contributing his global tech and growth experience. By taking these actions, Flipkart is positioning itself to access domestic capital markets and grow its investor base while also actively advancing IPO readiness, including regulatory and governance preparations.

Bharat Coking Coal Limited (BCCL) IPO

Bharat Coking Coal Limited (BCCL), incorporated in 1972, is the top coking coal producer in India with a domestic coking coal production share of 58.50% in FY25. BCCL operates mines that are mainly located in the Jharia (Jharkhand) and Raniganj (West Bengal) coalfields. It has total estimated coking coal reserves of about 7,910 MT as of April 1, 2024. As of March 31, 2025, the company has 32 mines in its portfolio, which include 25 opencast mines, 3 underground mines, and 4 mixed mines. The company is set to launch its IPO soon, which will be entirely an OFS of over 46 crore equity shares worth ₹1,300 crore.

NSE IPO

The National Stock Exchange of India (NSE) is preparing for a long‑anticipated IPO with a valuation of around ₹4.75 lakh crore and plans to sell roughly 10 % of its equity, which could raise about ₹47,500 crore. Regulatory scrutiny and previous governance issues have caused delays for the listing, but recent settlements with SEBI and management's efforts to improve compliance and transparency show that clearance is getting closer. Once approvals are obtained, the IPO is positioned as a highly significant event in the domestic capital markets due to the dominance of the NSE in India's cash and derivatives markets, its strong financial numbers, and the demand for unlisted shares.

PhonePe IPO

Walmart‑backed fintech PhonePe has confidentially filed its DRHP with SEBI as it advances preparations for a major IPO. The company is aiming to raise approximately $1.5 billion through the offering, which is expected to be structured primarily as an offer for sale by existing investors, including Walmart, Tiger Global and Microsoft. PhonePe’s IPO is being pursued via the confidential route, allowing delayed public disclosure of detailed financials. According to reports, the listing could put PhonePe's valuation at about $15 billion, up from a previous private valuation of about $12 billion. This would reflect the company's size as one of India's biggest Unified Payments Interface platforms, with rapidly growing revenue and improving financials.

Zepto IPO

One of India’s leading quick‑commerce grocery delivery startups Zepto is also preparing for IPO, with plans to file draft papers with SEBI as early as next week via the confidential route. The IPO is anticipated to raise about $500 million, but according to some reports, it may raise as much as $750-800 million by combining new funding with the sale of secondary shares by current investors. Zepto’s pre‑IPO valuation is estimated at $7 billion, reflecting investor confidence in its rapid growth. The funds raised are expected to expand its delivery and warehouse network and strengthen its position in the highly competitive quick‑commerce market.

Apart from these companies, Prism, the parent of OYO, is seeking shareholder approval for a ₹6,650 crore IPO, aiming to strengthen its capital base as it scales operations. Imagine Marketing, the parent company of the consumer‑tech brand boAt, has filed an updated DRHP with SEBI for a ₹1,500 crore IPO, comprising a ₹500 crore fresh issue and a ₹1,000 crore offer‑for‑sale by existing shareholders. Hero FinCorp is preparing a ₹3,668 crore IPO, positioned as a potential game-changer in the NBFC sector, while SBI Mutual Fund hopes to launch an initial public offering in 2026, with a public offering of up to 10% of the company’s equity.

Overall, 2026 is set to remain vibrant for the Indian IPO market, with several major listings expected across technology, finance, and consumer sectors. Companies like Reliance Jio, Flipkart, and PhonePe offer investors diverse opportunities to invest in future businesses.