India’s primary market is on the cusp of a fresh surge in 2026 after recording record fundraising in 2025. According to data from Prime Database, 84 companies have already secured approval from the Securities and Exchange Board of India (SEBI) and expect to raise about ₹1.14 lakh crore, while another 108 firms are waiting for clearance to raise around ₹1.46 lakh crore.
With more than 190 companies either approved or in the pipeline, the potential fundraising pool exceeds ₹2.5 lakh crore. The upcoming year will therefore test investors’ appetite, particularly as several high‑profile names across technology, financial services and consumer sectors prepare to list.
Reliance Jio Platforms may anchor the 2026 calendar. Investment bankers suggest the digital services company could be valued as high as $170 billion in its offering. New listing rules require companies with a post‑listing market capitalization above ₹5 trillion to float only 2.5% of their equity initially, which means Jio might raise roughly $4.3 billion in the first tranche.
Mukesh Ambani has indicated that the listing is targeted for the first half of 2026. The National Stock Exchange of India (NSE) is also expected to pursue its long‑delayed share sale.
SEBI Chairman Tuhin Kanta Pandey has reassured investors that the IPO will eventually happen, though the bourse still needs a no‑objection certificate before it can file its draft prospectus. Brokerage estimates suggest that after receiving clearance, NSE could list by late FY26.
Online retail giant Flipkart is working toward an Indian listing. It secured National Company Law Tribunal approval in December 2025 to merge eight entities, a step that simplifies its structure ahead of a public listing.
Press Note 3 clearance, required because of Chinese investment, remains pending, but those familiar with the plan say a listing could occur toward the end of 2026.
Digital payments leader PhonePe confidentially filed its draft prospectus and aims to raise about $1.35 billion through a combination of fresh shares and an offer for sale. Reports indicate that the company wants to list by mid‑2026.
Quick‑commerce provider Zepto plans to file draft papers for a roughly $500 million IPO as early as the end of 2025. The offering will include fresh equity and secondary sales to fund expansion.
Hospitality platform OYO plans to submit its prospectus in November 2025, seeking a valuation of between $7 billion and $8 billion; management aims to go public in early 2026, following previous postponements.
The pipeline also includes consumer electronics brand boAt—its parent, Imagine Marketing, received regulatory approval in August 2025 for a ₹1,500 crore issue comprising a ₹500 crore fresh issue and a ₹1,000 crore offer for sale.
Automotive marketplace CarDekho, operated by Girnar Software, originally planned to file its papers in early 2025 but has delayed the move while merging its insurance business with RenewBuy. Industry reports suggest the listing may now occur after the consolidation, likely in late 2026.
Non‑banking lender Hero FinCorp received SEBI’s approval in May 2025 to raise up to ₹3,668 crore. The offering will include a fresh issue worth ₹2,100 crore and an offer for sale of ₹1,568 crore by existing investors.
Proceeds will boost the company’s lending capital, and the issue is expected to attract strong investor interest.
Another awaited listing is SBI Mutual Fund. In December 2025, the asset manager began appointing merchant bankers for its IPO, with the boards of State Bank of India and French partner Amundi approving a 12‑month timeline to complete the listing.
The promoters plan to divest approximately 10% of SBI Funds Management through an offer for sale. With assets under management of nearly ₹12 lakh crore and a market share above 15%, SBI Mutual Fund’s flotation will be closely watched.
Analysts say the success of these offerings will depend on market conditions, valuation discipline, and post‑listing performance. While macroeconomic uncertainties remain, the depth of the Indian equity market and regulatory reforms—such as streamlined approval timelines—may support a robust IPO cycle.