Reliance Jio, NSE, PhonePe Among Top 10 IPOs to Watch in 2026

India's primary market is gearing up for another eventful year in 2026, with a robust pipeline of large and high-profile companies preparing to tap the stock market. The regulatory landscape shows strong momentum, with 84 companies already receiving approval from SEBI to raise approximately ₹1.14 lakh crore through initial public offerings. Additionally, 108 companies remain in the approval queue, seeking to raise about ₹1.46 lakh crore, bringing the total potential fundraising pipeline to over ₹2.5 lakh crore across more than 190 companies.

Telecom and Digital Services Leadership

Reliance Jio stands at the forefront of the 2026 IPO calendar, with market expectations placing the telecom and digital services arm of Reliance Industries at a valuation between ₹11 lakh crore and ₹12 lakh crore. If launched in 2026, this offering would become India's largest IPO, with its substantial size likely to significantly impact market liquidity and sentiment for an extended period.

Financial Market Infrastructure and Technology

The National Stock Exchange of India represents another highly anticipated listing that could materialize in 2026. The NSE IPO has gained significant momentum after the exchange allocated approximately ₹1,300 crore to settle pending regulatory matters. Market participants expect SEBI to issue a no-objection certificate in the near term, potentially clearing the path for one of India's most closely watched public offerings.

India's technology sector features prominently in the upcoming pipeline. Flipkart, the Walmart-owned e-commerce major, is preparing for a 2026 listing with a targeted valuation of $60 billion to $70 billion. The company's strong brand recognition and extensive customer base position it as one of the largest technology offerings from India.

Fintech and Digital Payments

PhonePe has already filed confidential draft papers with SEBI for a $1.5 billion IPO, valuing the payments major at approximately $15 billion. This listing would mark a significant milestone for India's fintech sector, which has experienced rapid growth while maintaining selective public market acceptance.

Navi Technologies, founded by Sachin Bansal, is targeting a listing in the second half of FY26. The fintech firm has been expanding across personal loans, home loans, and insurance segments, with its IPO expected to attract attention as one of the few large founder-led fintechs entering public markets.

Traditional Financial Services and Lending

SBI Funds Management is considering raising up to $1.2 billion through an IPO in the first half of 2026. Backed by State Bank of India and Amundi, the country's largest asset manager by assets would provide investors exposure to India's rapidly growing mutual fund industry.

In the lending space, Hero Fincorp is planning to raise ₹3,668.13 crore through its IPO, comprising a ₹2,100 crore fresh issue and an offer for sale by existing shareholders. The company's performance will be closely monitored as investors maintain caution regarding unsecured lending businesses.

Consumer and Hospitality Sectors

Hospitality platform OYO has returned to the IPO spotlight, with the SoftBank-backed company beginning preparations for an offering that could raise up to $800 million. OYO is focusing on business stabilization and profitability improvements ahead of the issue, following earlier delays due to market conditions.

Quick-commerce player Zepto is preparing to refile its draft papers, looking to raise $450 million to $500 million (approximately ₹4,000 crore to ₹4,440 crore) through a combination of fresh equity and investor exits as it continues scaling operations in the competitive segment.

Consumer electronics brand boAt has finalized ICICI Securities, Goldman Sachs, and Nomura as bankers for its IPO. The company aims to raise $300 million to $500 million at a valuation exceeding $1.5 billion, though final figures may change closer to filing.