Top 10 IPOs Of 2026 : Jio, NSE, Oyo, Zepto Etc

India’s public markets are entering a phase that looks different from the IPO waves of the past. Over the last five years, listings have shifted from being occasional fund-raising events to a regular route for large, established companies. Between 2020 and 2025, firms raised nearly Rs. 5.39 trillion through IPOs, more than the amount raised in the two decades preceding that period. This is no longer a short-term surge. It reflects bigger changes in how Indian businesses approach capital.

The pipeline taking shape for 2026 clearly highlights this shift. The companies preparing to go public are not early-stage startups chasing growth at any cost. Many of them already dominate their sectors, generate steady cash flows, and operate under closer regulatory and investor scrutiny. Telecom, market infrastructure, finance, fintech, consumer brands, and e-commerce are all represented. Together, they point to a year that could change the size and character of India’s listed universe.

Here is a list of the upcoming Top 10 IPOs of 2026 in India:

1. Reliance Jio

• Reliance Jio is widely expected to be the largest IPO in India’s history, both in size and market impact. Since its launch in 2016, Jio has reshaped the telecom sector by lowering data costs and expanding digital access at scale.

• Analysts estimate Jio’s valuation in the range of Rs. 10.8 lakh crore to Rs. 14.1 lakh crore. Even a modest stake sale could raise several tens of thousands of crores, making it a defining event for Indian capital markets.

• Mukesh Ambani has indicated that Jio aims to list by the first half of 2026, subject to regulatory approvals. The timing and pricing of this issue are likely to influence valuation benchmarks for other large IPOs in the same year.

• For investors, Jio raises important questions around pricing scale-heavy businesses with high capital requirements but strong and recurring cash flows.

Current IPO Status - Draft papers are currently being prepared, placing the company in the early regulatory filing stage of its IPO journey.

2. NSE

• The National Stock Exchange presents a rare listing opportunity. As the backbone of India’s capital markets, NSE operates across equities, derivatives, currencies, and exchange-traded products.

• After years of delay, regulatory review for NSE’s IPO has formally begun. While valuation figures remain undisclosed, expectations place it firmly in the multi-lakh-crore category given its dominant market position.

• Institutional and high-net-worth investors view NSE as a long-term infrastructure asset rather than a fast-growth stock. Recent declines in trading volumes have highlighted the cyclicality of exchange revenues, making pricing sensitivity important.

• NSE’s listing is expected to attract strong demand, but valuation discipline will be closely watched.

Current IPO Status- The IPO process remains paused at the regulatory level, with progress dependent on receiving a no-objection clearance.

3. SBI Mutual Fund

• SBI Mutual Fund represents the conservative end of the 2026 IPO spectrum. As India’s largest asset manager with assets exceeding Rs. 16 trillion, it benefits directly from the steady shift of household savings toward financial products.

• Market discussions suggest a valuation of around Rs. 1 lakh crore. The State Bank of India has publicly confirmed its intent to list the AMC, with 2026 widely seen as the likely window.

• Unlike technology-led IPOs, SBI Mutual Fund’s appeal lies in predictable fee income, distribution reach, and long-term investor growth rather than rapid expansion.

• The listing remains in its initial preparation phase, with merchant bankers in the process of being appointed.

Current IPO Status- The IPO has moved a step forward with confidential draft papers already filed under the pre-filing route.

4.PhonePe

• PhonePe’s planned IPO reflects a shift in how fintech companies approach public markets. After years of focusing on transaction growth, the company has moved toward tighter cost control and improved cash flow visibility.

• The company filed confidential IPO papers in 2025 and is targeting an early 2026 listing. Valuation estimates range from Rs. 83,000 crore to Rs. 1.25 lakh crore, depending on market conditions and issue structure.

• With Walmart as its anchor shareholder, PhonePe’s listing will be closely examined for signs of sustainable profitability rather than user growth alone.

Current IPO Status- A key structural requirement for the IPO has been cleared after approval for a domicile shift to India.

5. Flipkart

• Flipkart has been part of India’s digital commerce story for more than a decade, yet its IPO has been postponed multiple times. Recent reporting places it firmly among the major listings expected in 2026.

• Valuation discussions generally range between Rs. 2.5 lakh crore and Rs. 3.3 lakh crore, depending on profitability trends and market sentiment, closer to listing.

• For investors, Flipkart offers rare public-market exposure to large-scale Indian e-commerce, backed by Walmart’s global retail experience.

Current IPO Status- IPO plans have been revived, with the company now waiting for more favourable market conditions to move ahead.

6.boAt

• boAt, operated by Imagine Marketing, adds a consumer-brand dimension to the 2026 pipeline. Known for audio products and wearables, the brand scaled rapidly through digital distribution and competitive pricing.

• Earlier IPO plans were paused, but renewed discussions now point to a 2026 issue. Past funding rounds valued the company above Rs. 11,000 crore.

• What sets boAt apart from many consumer-tech peers is profitability, which has become a key requirement for public-market investors.

Current IPO Status- Preparation for the IPO continues, with draft documents being worked on as timing is evaluated.

7. Zepto

• Zepto represents the fast-growing quick-commerce segment, with private valuations exceeding Rs. 25,000 crore. It is frequently listed among the IPOs to watch in 2026.

• The company’s appeal lies in speed and convenience, but it also faces questions around margins, logistics costs, and long-term sustainability.

• For investors, Zepto’s IPO will test whether quick commerce can move beyond expansion to consistent returns.

Current IPO Status- The IPO has received shareholder approval, clearing an internal hurdle before regulatory filings.

8. OYO

• OYO’s path to public markets has been uneven. After years of aggressive global expansion, the company has shifted focus toward profitability and operational control.

• It is now widely expected to pursue a 2026 listing, with valuation estimates around Rs. 58,000–66,000 crore.

• The IPO will be judged on the company’s ability to generate steady cash flows in a cyclical hospitality business rather than on expansion ambition.

Current IPO Status- The IPO has been deferred, as management prioritises profitability and operational scale over immediate listing.

9. Licious

• Licious was initially positioned as a 2026 IPO candidate targeting a valuation above Rs. 16,000 crore. Recent updates suggest the listing may be delayed as the company prioritises profitability and offline expansion.

• Its position in the original pipeline highlights a common reality in IPO planning: timelines remain flexible even when valuation expectations are defined.

Current IPO Status - IPO groundwork is ongoing, with the company widely viewed as a likely follow-on listing after a major group entity.

10. Reliance Retail

• India’s largest organised retailer, with presence across grocery, fashion, electronics, and digital commerce through formats such as Reliance Fresh, Trends, Digital, and JioMart.

• Valuation estimates place the business between Rs. 7 lakh crore and Rs. 9 lakh crore, based on recent private funding rounds.

• Global investors, including Silver Lake, KKR, ADIA, Mubadala, and TPG, have already invested, offering strong institutional validation.

• Growth is driven by an integrated online-offline retail model, private labels, and expansion into Tier-2 and Tier-3 markets.

• The listing is expected to be a key pillar of the broader Reliance group public market roadmap, alongside Jio.

Current IPO status - In preparation mode, widely seen as a potential follow-on listing after Jio. The IPO is expected after Reliance Jio’s listing, with market reports pointing to late 2026 or early 2027 as the likely window.

What 2026 Signals for Investors?

The IPOs expected in 2026 point to a market that has grown more selective. Size and brand still matter, but they no longer guarantee a warm reception. Investors are paying closer attention to balance sheets, margins, and governance.

This cycle is less about chasing the next big story and more about assessing who is ready for public ownership. If the earlier IPO wave was about access to capital, the next one is about discipline and delivery. For Dalal Street, 2026 may not just be a busy year. It may be the year when the rules of the IPO game finally settle.