–By Jaya Pathak
India’s primary market is heading into 2026 with unusual momentum. After a heavy fund‑raising calendar in 2025, investment banks are already pointing to a potential pipeline of roughly USD 20 billion in new issues next year, driven largely by a handful of marquee names in telecom, digital platforms and financial services. For investors, this is not just a busy IPO year; it is a moment when some of the country’s most influential unlisted businesses are finally expected to come to market, reshaping index weights and portfolio construction for years to come.
In this blog, we are going to discuss top 10 upcoming IPOs in India 2026. Here presenting the list: –
- Reliance Jio: Market estimates suggest that Reliance Jio can hit the market in 2026 and emerge as the top IPO. It has the potential valuation of around 150-170 billion dollars. Beyond the headline size, the listing will give investors direct exposure to India’s largest mobile operator and a key player in 5G, home broadband and digital platforms, likely making Jio an anchor holding for both domestic and global funds focused on emerging‑market consumption and connectivity themes.
- National Stock Exchange of India: Recent market estimate suggest that regulations and governance milestones will meet in the year 2026. For institutional investors, an NSE float would be significant: it would finally allow direct ownership in the country’s dominant equity and derivatives marketplace, in a sector that has historically generated strong operating margins and high cash conversion globally. Given the exchange’s role in equity, F&O and index products, its share could quickly become a proxy for the health and depth of India’s capital markets themselves.
- Flipkart: Flipkart is one of the top platforms which can hit the Indian market as one of the top IPOs in 2026. A successful IPO would crystallise value in one of India’s largest online retail platforms, give investors a direct play on formalisation of retail and digital consumption, and likely become a benchmark for other late‑stage internet companies considering local listings.
- PhonePe: Closely linked in the payment’s ecosystem is PhonePe, another high‑profile name in the 2026 pipeline. The company is a leading player on the UPI rails and has built a large customer base across money transfers, bill payments and digital commerce. Analysts expect its IPO to be substantial in size, building on earlier funding rounds that valued the business in the multi‑billion‑dollar range, and to attract strong thematic interest in India’s fintech story. For investors who missed the earliest waves of digital payments growth, PhonePe’s listing could offer a rare, scaled entry point into a segment that still has meaningful room to expand in terms of both monetisation and product breadth.
- SBI Mutual Fund: On the asset‑management side, SBI Mutual Fund’s planned listing is viewed as a landmark step for India’s domestic savings industry. The company, backed by State Bank of India and foreign partners, is already one of the country’s largest mutual fund houses by assets under management and has benefited directly from the steady rise of SIP flows into equity and hybrid schemes. An IPO, expected in the 2025–26 period, would deepen public participation in the asset‑management business and provide a pure‑play vehicle on the structural growth of financialization of household savings.
- OYO: In hospitality and travel‑adjacent services, OYO’s market debut has been repeatedly deferred, but recent reports indicate that the company is working on updated draft papers with a view to listing once conditions are more favourable, potentially in the 2026 window. The offering, if it proceeds, would be one of the first major tests of public market appetite for a scaled but still evolving “new‑age” hospitality platform after the corrections seen in some earlier tech listings. For investors, the key questions will revolve around path to profitability, capital discipline and the resilience of OYO’s franchise across cycles.
- Tata Capital: Tata Capital, the financial services arm of the Tata group, is widely expected to complete its own IPO by late 2025; even so, it remains central to the broader funding story that spans into FY26. The proposed issue size—estimated at over ₹17,000 crore—signals both the company’s growth ambitions and the group’s continued push to unlock value through listings of its financial entities. A strong post‑listing performance would reinforce investor confidence in the group’s capital‑allocation strategy and could influence market reception for subsequent Tata‑linked offers.
- LG Electronics India: LG Electronics India, a familiar brand in consumer durables, is another non‑bank issuer preparing a sizeable offer. The Indian unit has filed draft documents for a roughly ₹15,000 crore offer for sale, with shares to be offloaded by its South Korean parent, LG Electronics. While the exact timing may still move, late‑FY25 or early‑FY26 is seen as plausible. For the primary market, this would bring a large, established name from the appliances and electronics category onto domestic exchanges, adding sectoral diversification in a market where consumer tech and financials have recently dominated headlines.
- Lenskart: Among consumer‑facing growth companies, Lenskart has already filed its draft red herring prospectus and is regarded as one of the more advanced candidates in the queue. The omnichannel eyewear retailer, backed by global investors, plans a mix of fresh issue and offer for sale, with proceeds aimed at store expansion, technology and possibly inorganic growth. Its listing—likely in late 2025 or 2026, depending on market windows—will give investors exposure to a scaled, digitally enabled retail platform in a category that straddles healthcare and discretionary consumption.
- Groww: Finally, Groww, the online brokerage and investment platform, has secured regulatory approval for a public issue expected to raise between USD 700 million and USD 1 billion. The offer structure combines a fresh issue with secondary sales and will be closely watched as a bellwether for investor sentiment toward fintech that directly intermediate retail savings. With a rapidly expanding user base and a strong position in DIY investing and mutual fund distribution, Groww’s performance post‑IPO could influence how capital flows into other wealth‑tech and brokerage platforms considering listings.
Taken together, these ten names illustrate how far India’s IPO market has evolved from its earlier dependence on traditional manufacturing and banking issuers. Telecom infrastructure, digital commerce, payments, asset management, hospitality and consumer technology now sit alongside more established industrial and financial businesses in the pipeline. Whether 2026 ultimately becomes the biggest IPO year on record will depend on valuations, volatility and global risk appetite. What is already clear is that the set of companies planning to test the market has the potential to reshape benchmarks and portfolio allocations, and to deepen the link between India’s real economy and its capital markets in a way few previous cycles have managed.
