Top 10 Upcoming Mega IPOs To Watch In 2026

India’s public markets are entering a phase that looks different from past IPO waves. Over the last five years, listings have shifted from being occasional fundraising events to a regular route for large, established companies.  In 2020-25, companies raised close to Rs. 5.39 trillion in IPOs, more than they did in the previous two decades, a sign of a longer-term shift. It reflects broader changes in how Indian businesses view capital. 

The pipeline clearly underlines this shift for 2026. 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 could be one of the largest IPO’s in India's history. Jio has changed the telecom market by making data more affordable and bringing digital services to millions of Indians after launching in 2026.

• Analysts and brokerages estimate the valuation of Jio Platforms at about Rs. 10-13 lakh cr. But there have been reports of valuations as high as $170-180 billion. 

• The IPO price and investor demand could be important factors for the final valuation. At this scale, even a relatively small public offering could make Jio one of India's most valuable listed companies.

• The IPO process has now moved well beyond the preparation stage. Jio Platforms filed its Draft Red Herring Prospectus (DRHP) with SEBI, proposing a fresh issue of up to 27 crore equity shares with a face value of Rs.10 each. The issue will be entirely a fresh issue, with no Offer for Sale from existing shareholders.

• The proposed issue could raise around Rs. 35,000-40,000 cr, based on industry estimates. The DRHP states that up to Rs. 27,500 cr of the proceeds will be used to repay or prepay borrowings of Reliance Jio Infocomm, with the remaining amount intended for general corporate purposes.

• The issue size is also significant because the proposed 27 cr shares represent around 2.9% of Jio Platforms' post-issue share capital. 

• That means the IPO could allow the public to buy into Jio without a big initial dilution for existing shareholders.

Current IPO Status - Jio filed DRHP with SEBI on June 19, 2026 and has not announced final price band and listing date. 

2. National Stock Exchange(NSE)

• The NSE IPO could be one of the most closely watched of 2026. It plays a major role in India’s stock market by handling trading across shares, derivatives, currencies and other products.

• After years of delays, NSE filed its DRHP with SEBI on June 17, 2026. The final valuation has not been announced yet, but market estimates put NSE in the multi-lakh-cr valuation range.

• NSE has a strong position in India’s derivatives market and has reported strong profits. However, its earnings can also move with trading activity, so the price investors pay for the IPO will be important.

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

Current IPO Status - NSE filed a DRHP with SEBI on 17 June 2026. The IPO is now going through the regulatory process, while the final price band and listing date are yet to be announced.

3. Indian Gas Exchange (IGX)

• IGX is India’s first and only authorised national-level physical delivery-based gas trading exchange.

• It has shareholders including Indian Energy Exchange (IEX), GAIL, ONGC, Indian Oil and Adani Total Gas.

• In FY26, IGX revenue increased by Rs. 61 cr, a 25% YoY increase, while profits also rose by 36.5% 

• As the company is moving towards its IPO, growth in trading activity and profitability will be significant.

Current IPO Status -While the DRHP has been filed by IGX with SEBI on July 14 2026, it seems that it could now move closer to the public market. The IPO is entirely an OFS, with IEX proposing to sell up to 1.671 cr shares and reduce its stake from around 47.3% to 25%.

4. PhonePe

• PhonePe’s IPO could be an important listing for India’s fintech sector. The company has grown beyond digital payments into insurance, lending, stockbroking and the Indus Appstore. As of September 2025, it had over 650 million registered users and more than 47 million merchants.

• PhonePe filed its IPO papers with SEBI in September 2025 and then filed an updated DRHP in January 2026

• Reports have put its expected IPO valuation at around $9 billion-$10.5 billion, or roughly Rs.75,000-87,000 cr. This is below the $12 billion valuation at which the company last raised funds in 2023.

• The structure of a proposed IPO is an OFS, which means PhonePe will not be receiving any fresh capital. In an OFS, exiting investors are expected to sell around 50.7 million shares, which include Walmart, Tiger Global and Microsoft. Tiger Global and Microsoft might plan to exit their investments, whereas Walmart could reduce its stake. 

• In FY26, PhonePe’s revenue from operations stood at around Rs.7,920 cr, up 11.5% YoY. But net losses also increased.  So it’s one to keep an eye on as the business grows.

Current IPO Status - PhonePe IPO plans were postponed in March 2026 due to geopolitical tensions and volatile market conditions. Still, the company remains focused on a public listing in 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.

• Flipkart was last valued at around $37 billion in FY24, when Google invested in the company. However, there is no confirmed IPO valuation yet, and the earlier Rs.2.5-3.3 lakh cr estimates would be treated as market estimates rather than a final figure.

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

Current IPO Status - The CEO of PhonePe said that there was no specific timeline for its IPO in July 2026. However, the plans for its IPO have been revived. Now, the company is waiting for more favourable market conditions to move forward.

6.Boat

• boAt, owned by Imagine Marketing, is a popular Indian brand for audio products and wearables. While selling its products online and keeping them at an affordable price, the company has grown rapidly. Earlier, boAt delayed its IPO plans, but now it may move forward. The proposed IPO is about Rs.1500 crore, with Rs.500 crore as a fresh issue and Rs.1,000 crore as an offer for sale.

• boAt stands out from other consumer-tech companies because it is profitable, which is now a key factor for public market investors.

Current IPO Status: boAt updates DRHP, reduces IPO size to Rs.1,500 crore. The final price band and listing date were not announced yet.

7. Zepto 

• Zepto is one of the biggest players in India’s quick-commerce segment and had a valuation of about $7 billion in 2025. However, recent reports tell that valuation expectations have shifted in 2026.

• By March 2026, Zepto had 4.79 cr annual users and 1,139 dark stores. The costs associated with running and expanding the business remain high as the company prepares for a possible IPO.

• What concerns investors is whether Zepto will be able to achieve continued growth while improving its profits.

Current IPO Status: The IPO is being delayed by two or three quarters due to valuation concerns, and the company is currently raising funds ahead of the IPO and taking measures to improve its financial position.

8. OYO

• OYO’s journey to the public market has had ups and downs. After years of growth, the company is now focusing more on profits and better operations.

• OYO’s IPO plans are now moving forward. Its parent company, PRISM, got SEBI approval for a Rs.6,650 crore IPO, all as a fresh issue. Reports say the IPO could value the company at about $7-8 billion.

• For the nine months ending December 31, FY25 (9M FY26), PRISM reported Rs.6,941 crore in revenue, up from Rs.6,259 crore in FY25. Net profit was Rs.748 crore.

• Investors will judge the IPO based on OYO’s ability to generate steady cash flow in the hospitality sector, rather than just its growth plans.

Current IPO Status: PRISM filed its updated DRHP-I on June 30, 2026, after getting SEBI approval.

9. Licious

• Licious is a popular offline and online meat and seafood company, valued at approximately $1.5 billion in FY23. It has been growing since then.

• Licious's revenue increased by 47%, from Rs. 795 cr to Rs. 1,166 cr. Although improving profits is the primary focus, it still recorded an EBITDA loss of Rs. 187 cr.

• For investors, Licious is a chance to join India’s growing organized meat and seafood market. Its growth and move toward profits will be important to watch.

Current IPO Status: Licious is still preparing for its IPO and is seen as a likely follow-on listing after a major group company.

10. Reliance Retail

• Reliance Retail is one of the largest retail companies of India. It includes groceries, fashion and electronics through its stores and online platforms. As of June 2026, it has more than 20,000 stores and 396 million registered customers.

• Reliance Retail has already attracted global investors who are showing strong institutional support. This includes Silver Lake, KKR, ADIA, Mubadala, and TPG.

• The gross revenue of Reliance Retail grew by 12.1% YoY. The company keeps expanding through new stores, private labels, and digital platforms.

• The Reliance Retail listing is expected to be a major part of the Reliance group’s public market plans, along with Jio.

Current IPO Status: The valuation and IPO timeline have not yet been confirmed by Reliance. It remains a potential IPO candidate, but nothing has been announced.

Is it possible to gain from investing in companies before IPO?

India’s IPO and private company pipeline is strong, giving more chances to invest before companies reach the are public market. In 2026, pre- IPO placements are picking up pace, likely due to major firms are preparing for IPO.

But you can also invest in the same companies before their IPO. This is buying unlisted pre -ipo shares which are traded in the private market before listing on any stock exchange like BSE/NSE. Unlisted shares allow investors to buy shares long before the IPO. They give you early access. If the company grows and its value rises, early investors can benefit.

You will have access to giants like NSE Unlisted Shares already invested and traded through brokers like Stockify. But just because a company plans an IPO does not mean you should invest. The price you pay may be crucial.

However, unlisted shares are not just to buy before an IPO but could be more significant for finding fundamentally strong businesses at fair prices.

Join the Stockify’s WhatsApp Channel with 4000+ investors to stay updated on pre-IPO opportunities.