PhonePe, Zepto, Oyo Lead New-Age IPO Rush Targeting ₹50,000 Crore in 2026
Major new-age companies including PhonePe, Zepto, Oyo, Boat, Infra.Market, and Shadowfax are targeting nearly ₹50,000 crore through IPOs in 2026, building on successful ₹36,000 crore fundraising by tech companies in the previous year. Market sentiment has evolved toward demanding clear profitability paths rather than growth narratives, with investors becoming more selective on valuations and cash flow visibility. Key filings include PhonePe targeting ₹13,000-14,000 crore, Zepto seeking ₹11,000 crore, and Oyo planning ₹6,650 crore, with market success dependent on broader economic conditions and sustained financial performance.
*this image is generated using AI for illustrative purposes only.
A major wave of new-age companies is gearing up for public market debuts in 2026, with industry leaders PhonePe, Zepto, Oyo, Boat, Infra.Market, and Shadowfax collectively targeting nearly ₹50,000 crore through initial public offerings and offers for sale. This ambitious lineup follows a successful year where tech companies demonstrated strong market appetite, raising substantial capital through public listings.
Strong Foundation from Recent IPO Success
The upcoming IPO rush builds on solid momentum from the previous year, when new-age companies successfully raised nearly ₹36,000 crore through public offerings. This fundraising provided meaningful liquidity to founders, early investors, and employees across multiple high-profile listings.
| Company Category | Notable Listings |
|---|---|
| Electric Mobility | Ather Energy |
| Services Platform | Urban Company |
| Eyewear & Retail | Lenskart |
| E-commerce | Meesho |
| Fintech | Groww |
| Education Technology | PhysicsWallah |
| Payments | Pine Labs |
Ranvir Davda, co-head of Investment Banking at HSBC India, highlighted the positive trajectory: "The post-listing performance of new-age companies that went public has been reasonably healthy, underscoring solid returns for public market investors."
Market Maturity and Investor Evolution
The sector is experiencing increased maturity, with multiple cohorts of companies listed across different years demonstrating consistent post-listing financial performance. Investment bankers note a significant shift in investor priorities, moving from growth narratives to concrete profitability metrics.
Gaurav Sood, managing director and head of equity capital markets at Avendus Capital, explained the transformation: "The market has moved from 'TAM and belief in the model' to 'clear path to profitability'. Investors are increasingly comfortable backing differentiated, scaled platforms, especially where margins provide downside protection."
New-age companies accounted for roughly one-fourth of total IPO fundraising, with strong subscription rates for most large issues reflecting robust investor appetite.
Key IPO Filings and Fundraising Targets
Several major companies have already initiated the listing process with substantial fundraising goals:
| Company | IPO Size | Filing Status | Listing Timeline |
|---|---|---|---|
| PhonePe | ₹13,000-14,000 crore | Filed September | 2026 |
| Zepto | ₹11,000 crore | Filed December | September quarter |
| Oyo | ₹6,650 crore | Filed December 31 | 2026 |
Zepto, the quick commerce platform, made its confidential filing in December as it competes with Eternal-owned Blinkit and Swiggy's Instamart in the competitive 10-minute delivery space. The company plans to list in the September quarter.
Oyo represents a recovery story, filing for its third public listing attempt after demonstrating financial turnaround. The hospitality startup turned profitable for the first time and has maintained positive performance following recovery from pandemic impacts.
PhonePe, the Walmart-owned payments major, filed confidentially in September with one of the largest proposed fundraising amounts in the pipeline.
Market Conditions and Investment Outlook
Investment professionals emphasize that sustaining momentum will depend on broader market conditions and investor appetite for tech businesses. A Mumbai-based fund manager noted: "The IPO market may start to heat up after the February budget around March, but the depth of activity will hinge on broader macro triggers."
Key factors influencing market sentiment include:
- Clarity on potential US-India trade deals
- Oil price trajectory
- Targeted budget measures
- Timing of large IPOs like Reliance Jio and SBI Funds
Investor Selectivity and Performance Focus
The investment landscape shows increased selectivity, with institutional investors focusing on profitability and cash flow visibility rather than growth stories alone. Large domestic and foreign institutions continue anchoring IPO books, with rising participation from insurers and pension funds.
Davda noted the improved market dynamics: "IPO pricing has also become more balanced, reflecting improved alignment between private market benchmarks and attractive entry points for public investors to participate in long-term growth."
The shift signals a mature market where sustained interest is driven by execution and financial performance rather than narrative potential, positioning 2026 as a critical year for new-age company public market success.
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