The Indian primary market is poised for an unprecedented surge of activity as 2026 approaches, with a wave of high-profile initial public offerings (IPOs) set to hit the bourses. The year is expected to witness a historic fundraising spree exceeding Rs 2.5 lakh crore from more than 190 companies, marking one of the most bustling periods for India's capital markets.
Regulatory Pipeline Points to a Record Year
Data from the Securities and Exchange Board of India (Sebi) reveals a robust pipeline of companies ready to tap into investor capital. As of now, 84 companies have already secured regulatory clearance to launch their public issues, collectively aiming to raise approximately Rs 1.14 lakh crore. Furthermore, an additional 108 firms are awaiting Sebi's nod, with combined fundraising plans of nearly Rs 1.46 lakh crore. This sets the stage for a potential total fund mobilization that could redefine market records.
Flagship Listings Dominating Market Attention
The spotlight is firmly on several marquee names expected to debut in 2026. Leading the pack is Reliance Jio, the telecom and digital arm of Reliance Industries. Its public offering, anticipated to launch in 2026, is projected to command a staggering valuation between Rs 11 lakh crore and Rs 12 lakh crore. If it proceeds, this IPO will be the largest ever in India, significantly impacting market liquidity and investor portfolios.
Another highly anticipated candidate is the National Stock Exchange (NSE). The exchange has moved closer to its long-awaited listing after earmarking around Rs 1,300 crore to resolve pending regulatory matters. The market now keenly awaits a no-objection certificate from Sebi, which would unlock one of the most significant listings in India's financial history.
Tech, Fintech, and Consumer Giants Queue Up
The consumer internet and technology sector is set to contribute several blockbuster offerings. E-commerce leader Flipkart is preparing for a 2026 listing, targeting a valuation in the range of $60 billion to $70 billion. Backed by Walmart, this IPO is poised to be among India's biggest tech debuts.
In the fintech space, PhonePe has taken a concrete step by confidentially filing its draft papers with Sebi. The digital payments giant plans a $1.5 billion IPO at an estimated valuation of $15 billion, testing public market appetite for the sector.
Other notable names in the lineup include:
- OYO: The hospitality chain is back on the IPO track, aiming to raise up to $800 million as it focuses on profitability.
- SBI Mutual Fund: The country's largest asset manager is considering a $1.2 billion IPO in the first half of 2026.
- Hero Fincorp: Planning an IPO worth Rs 3,668.13 crore, comprising a fresh issue of Rs 2,100 crore.
- Navi Technologies: Founded by Sachin Bansal, it targets a listing in the second half of FY26.
- Zepto: The quick-commerce player aims to raise $450-$500 million.
- boAt: The consumer electronics brand is lining up a $300-$500 million IPO at a valuation over $1.5 billion.
This colossal pipeline of IPOs across telecom, fintech, financial services, and consumer internet underscores the deepening maturity and appeal of the Indian market. It promises to offer investors a diverse set of opportunities while injecting substantial liquidity and broadening the market's sectoral representation. The success of these offerings will be a critical barometer for India's economic growth story and the robustness of its capital markets.
