India's initial public offering (IPO) market may be set for significant activity, with reports suggesting over 190 companies are considering going public. These companies are reportedly aiming to raise an estimated ₹2.50 lakh crore. This potential surge in IPO activity could showcase growth and investor confidence in the Indian economy.

Potential Top Contenders

Among the companies reportedly considering IPOs:

1. Reliance Jio, the telecom giant
2. National Stock Exchange (NSE)
3. Flipkart
4. PhonePe

These companies, along with others, represent a diverse range of sectors, potentially indicating broad-based economic activity in India.

Potential IPO Landscape

The reported upcoming IPOs may paint a picture of India's evolving business landscape:

Potential Implications for Investors

If realized, this IPO pipeline could present opportunities for both institutional and retail investors. The diversity of sectors represented in these potential IPOs might allow for portfolio diversification and exposure to various segments of India's economy.

Market Sentiment

The reported size of the IPO pipeline, with over 190 companies potentially seeking to go public, may indicate positive market sentiment and business confidence. It could also reflect the increasing maturity of India's startup ecosystem, with many new-age companies potentially preparing for public listing.

Conclusion

As India's IPO market potentially prepares for significant activity, investors and market watchers will likely be keenly observing how these offerings might unfold. The outcome of these potential IPOs could have implications for India's economic landscape and possibly influence global investment interest in the country's capital markets.

India's primary market is positioned for another landmark year in 2026, with over 190 companies preparing to raise a record ₹2.50 lakh crore through initial public offerings. This follows a robust 2025 that witnessed 376 companies going public across mainboard and SME segments, compared to 337 in 2024. Major 2025 listings included Tata Capital (₹15,512.00 crore), HDB Financial Services (₹12,500.00 crore), LG Electronics India (₹11,607.00 crore), and ICICI Prudential AMC (₹10,602.65 crore), alongside new-age platforms like Meesho, Lenskart, Groww, PhysicsWallah, and Ather Energy.

Telecom Giant Leads 2026 Pipeline

Reliance Jio stands as the marquee offering for 2026, with bankers proposing an estimated valuation of up to $170.00 billion for Jio Platforms, the digital and telecom arm of Reliance Industries. Mukesh Ambani, Chairman of Reliance Industries, indicated in August that the Jio listing could materialize in the first half of 2026, potentially making it India's largest IPO.

E-commerce and Quick Commerce Surge

Zepto has filed draft IPO papers with SEBI via the confidential route, targeting a ₹11,000.00 crore offering. If successful, the quick commerce platform will join listed rivals Zomato and Swiggy on the exchanges. Flipkart, the Walmart-owned e-commerce giant, has secured National Company Law Tribunal approval to shift its domicile from Singapore to India, clearing a mandatory requirement for Indian listing. Reuters reports suggest Walmart has internally set IPO valuation targets at $60.00-70.00 billion.

Hospitality and Consumer Electronics

PRISM, parent company of hospitality tech platform OYO, has confidentially filed draft offer documents with SEBI. Sources indicate the proposed public offering could value the company between $7.00-8.00 billion. Consumer electronics brand boAt's parent company, Imagine Marketing Services, has filed an updated draft red herring prospectus with SEBI for a ₹1,500.00 crore IPO, combining fresh equity issuance with an offer for sale component.

Financial Services and Fintech Expansion

SBI Mutual Fund has commenced appointing merchant bankers and service providers for its proposed IPO, with SBI Chairman CS Setty confirming shareholder approval for a 12-month listing timeline. Hero FinCorp received SEBI approval in May to raise ₹3,668.00 crore through its IPO, comprising a ₹2,100.00 crore fresh issue and ₹1,568.00 crore offer for sale.

Bengaluru-based digital payments firm PhonePe filed confidential draft papers with SEBI in September, targeting approximately $1.35 billion in fundraising. The 2026 pipeline also includes other notable companies such as Fractal, Captain Fresh, Curefoods, Rentomojo, and Shiprocket, indicating broad-based market participation across sectors.