Upcoming IPOs: Reliance Jio To Zepto, Over 190 Companies Gear Up For Market Debut In 2026

India’s primary market investors are expected to see yet another eventful year, with several big companies set to launch their initial public offerings in 2026. In 2025, the IPO market witnessed a significant rise in IPOs, with as many as 376 companies going public (both mainboard and SME) compared to 337 in 2024, as per data compiled by Chittorgarh.com.

Top IPOs last year included Tata Capital (Rs 15,512 crore), HDB Financial Services (Rs 12,500 crore), LG Electronics India (Rs 11,607 crore), ICICI Prudential AMC (Rs 10,602.65 crore), among others. Many popular new-age platforms such as Meesho, Lenskart, Groww, PhysicsWallah and Ather Energy also made their market debut in 2025.

In 2026, more than 190 companies are set to raise a record Rs 2.5 lakh crore through IPOs, according to reports. More than half of these companies have received approval from the market regulator, while others are waiting for regulatory clearance.  

Some of the top companies expected to launch their IPOs in 2026 include Reliance Jio, Flipkart, PhonePe, boAt, Zepto and OYO, among others. Most of these firms are either already in the process or have received regulatory approval to launch their IPOs in 2026.

Reliance Jio’s IPO could be one of India’s largest in 2026. According to a Bloomberg report, bankers are proposing an estimated valuation of up to $170 billion for Jio Platforms, the digital and telecom arm of Reliance Industries. Mukesh Ambani, Chairman of Reliance Industries, in August said that the Jio listing could take place in the first half of 2026.   

Leading quick commerce firm Zepto filed its draft IPO papers with market regulator Securities and Exchange Board of India (SEBI) via the confidential route. The company is aiming for an IPO of Rs 11,000 crore. If the listing goes through, Zepto will join its rivals Zomato and Swiggy, both of which are already listed on the exchanges.

PRISM, the parent of Gurugram-based hospitality tech platform Oyo, has filed draft offer documents confidentially with market regulator SEBI to raise funds via an initial public offering, sources told NDTV Profit on Wednesday.

The proposed public offering is expected to value the company in the range of $7–8 billion, according to people familiar with the matter.

Consumer electronics brand boAt’s parent company, Imagine Marketing Services, has filed an updated DRHP with SEBI for a Rs 1,500-crore IPO. The IPO is expected to be a combination of a fresh issue of shares and an OFS portion.

SBI Mutual Fund has started appointing merchant bankers and service providers for its proposed IPO, according to a PTI report. SBI Chairman CS Setty recently confirmed that all shareholders, including SBI and Amundi, had approved a 12-month timeline for the listing.

Flipkart, the Walmart-owned e-commerce platform, is also likely preparing for an IPO in 2026.

The company recently secured National Company Law Tribunal (NCLT) approval to shift its domicile from Singapore to India, which is a mandatory requirement for listing on Indian bourses.  A 2022 report by Reuters noted that at the time, Walmart had internally raised its IPO valuation target to $60-70 billion.

Hero FinCorp, the financial services arm of the Hero Group, received SEBI approval for its IPO in May. The company aims to raise Rs 3,668 crore through the IPO. The public offer will comprise a fresh issue of equity shares worth Rs 2,100 crore and an OFS component of Rs 1,568 crore, as per the DRHP.

Bengaluru-based digital payments firm PhonePe has also filed a confidential DRHP with SEBI in September, aiming to raise around $1.35 billion.  

Apart from these public offers, other major IPOs expected in 2026 include Fractal, Captain Fresh, Curefoods, Rentomojo and Shiprocket.