India’s IPO market is heading into one of its biggest years ever. In 2026, companies could raise over ₹4 lakh crore through public listings – the highest in Indian market history. From tech titans like Reliance Jio to long-awaited debuts like the National Stock Exchange (NSE) and Flipkart, this is a year that investors can’t afford to ignore.
Here’s a clear, beginner-friendly guide to the most anticipated IPOs in 2026, why they matter, and what smart investors should watch for.
Top 5 Upcoming IPOs in India (2026)
1. Reliance Jio Platforms
Estimated Issue Size: ₹33,000 – ₹37,000 Cr
Expected Timeline: H1 2026 (January to June)
Sector: Telecom + Digital Services
Jio is India’s largest mobile network, but its IPO is about more than just telecom. Jio is expanding into AI, cloud computing, and enterprise services – and its IPO is expected to raise over $4 billion, the biggest in Indian history.
Why it matters:
- 500+ million subscribers
- Strategic partnerships with Nvidia and global investors
- High-growth segments: 5G, AI, cloud, fintech
2. PhonePe
Estimated Issue Size: ₹12,000 Cr
Structure: 100% Offer for Sale
Sector: Fintech & Payments
PhonePe leads India’s UPI payments space with 10 billion monthly transactions and a 45% market share. Backed by Walmart, the company is now expanding into lending, insurance, and wealth tech.
Why it matters:
- FY25 revenue: ₹7,115 Cr (up 40.5% YoY)
- Free cash flow positive
- Strong push into digital finance beyond payments
3. National Stock Exchange (NSE)
Estimated Issue Size: ₹10,000 – ₹15,000 Cr
Expected Timeline: H2 2026 (July to December)
Sector: Financial Infrastructure
After years of regulatory delays, India’s largest stock exchange is going public. NSE is the dominant player in equity derivatives and stock trading.
Why it matters:
- FY25 net profit: ₹12,188 Cr (47% YoY growth)
- Grey market valuation: ₹4.7 lakh Cr
- Huge investor interest, especially from institutions
4. Flipkart
Estimated Valuation: $60 – $70 Billion
Expected Timeline: 2026
Sector: E-Commerce
Flipkart has moved its legal base to India (a “reverse flip”) to prep for its IPO. With growing competition from Zepto and Blinkit, the company is expanding into quick commerce while focusing on long-term growth.
Challenges:
- FY25 revenue: ₹82,787 Cr
- Losses: ₹5,189 Cr
- Huge spending to defend market share
5. Fractal Analytics
Estimated Issue Size: ₹2,800 – ₹4,900 Cr
Expected Timeline: H1 2026 (January to June)
Sector: Artificial Intelligence
Fractal is set to be India’s first pure AI unicorn to go public, offering investors early access to generative AI tools, analytics services, and medical imaging solutions.
Quick Tip: What Does H1 and H2 Mean?
New to investing? When companies say they’ll go public in H1 or H2, they mean:
- H1 2026 = First half of 2026 (January to June)
- H2 2026 = Second half of 2026 (July to December)
It’s just a simple way to tell you roughly when the IPO is expected, even if the exact date isn’t fixed yet.
Other Noteworthy IPOs to Track
| Company | Sector | Est. Issue Size | Highlights |
|---|---|---|---|
| Zepto | Quick Commerce | ₹4,000–4,440 Cr | Fast growth, 120% revenue jump in FY24 |
| Sify Infinit Spaces | Data Centers | ₹3,700 Cr | 14 data centers across India, AI infra push |
| SBI Mutual Fund | Asset Management | ₹10,000 Cr (est.) | Part of India’s growing retail investing wave |
| IDBI Bank | Banking | ₹21,000+ Cr | Strategic govt divestment in progress |
| boAt (Deferred) | Consumer Tech | ₹2,000 Cr | IPO delayed due to financial governance concerns |
IPO Trends to Watch in 2026
1. Mega IPOs, Small Share Dilutions
SEBI has allowed large companies like Jio to list with just 2.5% stake initially. This reduces market pressure and helps maintain liquidity.
2. Focus on Governance
boAt’s IPO delay shows that investors now demand clean books and strong internal controls — not just big valuations.
3. Rise of Tech Infrastructure
Listings like Fractal (AI) and Sify Infinit (Data Centers) reflect India’s pivot to deep tech and cloud infrastructure.
4. Government Disinvestments
The government is pushing strategic sales in LIC, IRFC, and more to meet SEBI’s 25% public shareholding rule.
Should You Invest in 2026 IPOs?
Before you jump in, ask yourself:
- Is the company making profits (or close)?
- Is it growing in a strong, future-ready sector?
- Are the finances and governance transparent?
- Does it have real long-term potential?
IPO investing can be exciting, but not every listing is a winner. Focus on fundamentals – not hype.
Key Takeaways
- 2026 could be the biggest IPO year in India’s history
- Watch for Jio, NSE, PhonePe, Flipkart, and Fractal
- SEBI rules are changing how mega-IPOs work
- Tech, fintech, and market infrastructure are the top sectors
- Good governance matters more than ever
FAQs: 2026 Indian IPOs
Q: What’s the biggest IPO in 2026?
A: Reliance Jio, expected to raise ₹33,000–₹37,000 Cr – the largest ever in India.
Q: What does H1 or H2 2026 mean?
H1 = January to June; H2 = July to December. These are rough IPO timing windows.
Q: Why did boAt delay its IPO?
Due to issues with financial reporting flagged by auditors.
Q: Is Flipkart definitely listing in 2026?
Yes, the company has completed all major restructuring and is preparing to go public.
Q: Can small investors apply for these IPOs?
Yes! In fact, large IPOs now reserve at least 35% of shares for retail investors.
