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.