India’s equity market is entering 2026 with unprecedented momentum. Following a historic 2025 that saw four marquee listings—HDB Financial Services, Tata Capital, LG India, and ICICI AMC—the country’s primary market is preparing for an even larger fundraising cycle.
Industry trackers expect over INR 2.5 lakh crore to be mobilised from 190+ public issues, making 2026 potentially the biggest year in Indian IPO history.
The capital markets’ energy reflects broader economic confidence: GDP growth above 7%, rising retail participation, and institutional flows from both domestic and global investors. In short, India’s equity story has transitioned from cyclical to structural.
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A Macro Picture of Mega IPOs in 2026
According to data compiled by IPO Central, as of 27 December 2025, 96 companies have already received regulatory approval to raise about INR 1 lakh crore, while another 104 companies await clearance for an additional INR 1 lakh crore. This brings the total visible pipeline to nearly INR 2 lakh crore, a fundraising volume unmatched in the country’s market history.
Analysts attribute this surge to several structural shifts:
- Regulatory efficiency: SEBI’s shortened review timelines and online disclosure systems have cut the average approval period by nearly 40%.
- Liquidity resilience: Mutual funds and insurers are allocating record sums to IPOs, ensuring deep demand even for large-cap issues.
- Investor democratisation: The rise of retail participation—now accounting for over 36% of IPO subscriptions—has broadened the domestic capital base.
List of Mega IPOs in 2026
Reliance Jio Platforms IPO: The Defining IPO of the Decade
Reliance Industries’ digital subsidiary, Reliance Jio Platforms, is expected to headline 2026’s IPO calendar and could become the largest listing in Indian history.
- Expected Valuation: INR 11–13 lakh crore
- Likely Fundraising: INR 45,000 – 50,000 crore through a mix of fresh equity and investor OFS
- Timeline: First Half of 2026
Chairman Mukesh Ambani reaffirmed at the company’s August 2025 AGM that Jio is preparing to list within the next fiscal. Investment banks including Goldman Sachs, Jefferies, and Citi have floated bullish valuations, placing Jio among the top five listed Indian entities by market cap once public.
For investors, Jio IPO represents exposure to India’s largest telecom network with more than 50 crore subscribers, fast-expanding broadband services, and ambitious global 5G and AI plans.
NSE IPO: Most Awaited in Mega IPOs of 2026
After nearly a decade of anticipation, the NSE IPO may finally see daylight in FY 2026.
- Estimated Valuation: INR 5 to 5.5 lakh crore (USD 56 billion) in grey market trades
- Timeline: Late FY 2026
- Status: Awaiting SEBI No Objection Certificate
The National Stock Exchange (NSE) has a valuation of nearly INR 5.5–6 lakh crore, placing it in SEBI’s “Mega-Cap” category. According to the 2025 SEBI guidelines for companies with a market cap exceeding INR 5 lakh crore, the minimum requirements are:
- Minimum Dilution: At least 2.5% of the post-issue equity.
- Minimum IPO Size: A floor of INR 15,000 crore.
The exchange has resolved several legacy regulatory hurdles, including settlements related to the co-location case. Managing Director Ashish Chauhan has indicated that the listing could occur within 8–10 months of regulatory approval.
Flipkart IPO: E-Commerce Giant’s Homecoming
Flipkart’s long-planned listing entered its final preparatory stage in December 2025 when the National Company Law Tribunal (NCLT) approved the merger of eight group entities, securing the company’s Indian domicile.
- Timeline: Expected Q1–Q2 2026
- Estimated Valuation: ~INR 3.5 lakh crore
- Expected IPO Size: ~INR 15,000 crore
The restructuring simplifies Flipkart’s holding pattern, enabling it to file for a domestic IPO and giving Indian investors access to one of Asia’s largest online-retail platforms. Analysts believe Flipkart’s Indian listing would be the most consequential “reverse-flip” since Walmart’s acquisition of a majority stake in 2018, signifying a full circle moment for India’s startup ecosystem.
PhonePe IPO: Fintech Powerhouse Goes Public
The Walmart-backed digital payments leader PhonePe filed a confidential Draft Red Herring Prospectus (DRHP) with SEBI in October 2025, setting the stage for a mid-2026 debut.
- Fundraising Target: ~INR 11,000–13,000 crore
- Valuation Range: ~INR 1.2 lakh crore
PhonePe commands 40% market share in UPI transactions and is expanding aggressively into credit, insurance, and wealth management. Analysts say PhonePe IPO could mark a turning point for India’s fintech landscape—transforming a decade of digital-payment growth into a listed investment theme.
Zepto IPO: Quick Commerce Player in Mega IPOs of 2026
Quick-commerce unicorn Zepto has secured shareholder approval to raise up to INR 11,000 crore through its IPO on 26 December 2025, targeting a listing window between July and September 2026.
- Status: Preparing confidential filing with SEBI
- Fundraising Structure: Fresh + OFS; pre-IPO placement option open
Backed by investors like Glade Brook and CalPERS, Zepto has emerged as a formidable player with a 23–27% share of India’s quick-commerce market. Its FY 2025 revenue reportedly topped INR 11,000 crore, reflecting hyper-growth and improving unit economics.
If successful, Zepto’s listing would make it one of India’s youngest startups to launch a mega IPO in 2026 and serve as a bellwether for investor appetite in new-age retail models.
OYO IPO
After two aborted attempts (2021 and 2024), OYO is ready for its third and most credible run at the public markets.
- Fundraising: ~INR 6,650 crore
- Valuation: USD 7–8 billion
- Timeline: Early 2026
The company’s financial fortunes have stabilised — OYO has reported ten consecutive EBITDA-positive quarters and is projected to deliver FY 2026 PAT near INR 1,100 crore. Its asset-light, technology-driven model and refined governance framework are expected to draw renewed institutional interest.
Major book-runners include Axis Capital, Citi, Goldman Sachs, ICICI Securities, JM Financial, and Jefferies, underscoring the deal’s global profile.
SBI Mutual Fund IPO: India’s Largest AMC
The public offering of SBI Funds Management will be India’s largest asset-management IPO to date.
- Fundraising: INR 10,000 crore (USD 1.2 billion)
- Timeline: H1 2026
- Parentage: Joint venture between SBI (63%) and Amundi (37%)
With INR 16 lakh crore in AUM and a 15.5% industry share, the firm is poised to capitalise on India’s 15%+ CAGR mutual-fund growth trajectory. This listing completes SBI’s trifecta of listed financial subsidiaries (after SBI Cards and SBI Life), deepening public participation in India’s savings ecosystem.
Beyond the Mega IPOs in 2026: Several Popular Names
While the Big Seven (Reliance Jio, NSE, Flipkart, PhonePe, Zepto, SBI MF, OYO) will dominate attention, a second wave of mid-sized issuances is also ready to test investor appetite.
- Hero FinCorp plans to raise approximately INR 3,600 crore, leveraging MSME and retail-lending growth.
- boAt received SEBI approval for an INR 1,500-crore issue and seeks to expand internationally.
- Several renowned firms such as Ace Vector, Fractal Analytics, Shadowfax and Manipal Payment are in the queue, indicating a healthy sectoral mix.
This diversity underscores how the Indian primary market has evolved from a handful of large family-owned conglomerates to a multi-sector platform spanning technology, finance, consumer, and infrastructure plays.
Comparing Two Record Years: 2025 vs 2026
2025 was hailed as India’s “IPO renaissance,” delivering four mega listings. Yet, 2026 appears poised to surpass that milestone by a wide margin—both in number of offerings and in aggregate capital raised.
| Year | No. of Large Issues (>INR 10,000 Cr) | Total Funds Raised (INR lakh Cr) | Market Theme |
|---|---|---|---|
| 2025 | 4 (HDB, Tata Capital, LG India, ICICI AMC) | ≈ 1.5 | Institutional consolidation |
| 2026 (est.) | 7 major + ~180 mid/small issues | > 2.5 | Scale and diversification |
In essence, 2025 demonstrated confidence; 2026 is set to demonstrate capacity.
Final Words
If 2025 was the rehearsal, 2026 is the main act. With household names across telecom, fintech, digital retail, and asset management preparing to debut, India’s IPO landscape stands at an inflection point. Whether measured in rupees raised, companies listed, or global investor attention commanded, 2026 could emerge as the year of Mega IPOs.