Upcoming IPO in 2026: Complete List of India’s Most-Awaited Public Offers
The upcoming IPO in India 2026 pipeline is worth over Rs 3 lakh crore. Major upcoming IPOs include Reliance Jio, NSE, PhonePe, Flipkart, Zepto, SBI Mutual Fund, OYO and boAt – covering both mainboard and SME segments. Most are awaiting SEBI clearance or stable market conditions before opening for subscription.
Upcoming IPO in India 2026 – Market Overview
The upcoming IPO in India 2026 market is heading for a historic year. After a record 2025 that saw 371 IPOs raise Rs 1.75 lakh crore, the 2026 pipeline is projected at Rs 2.5 to 3 lakh crore – potentially the largest fundraise in Indian capital market history. From mega new upcoming IPO listings like Reliance Jio to a packed list of new IPOs across sectors, this year offers opportunities for every type of investor.
However, NIFTY 50 and SENSEX declined by over 11% in March 2026 due to global geopolitical tensions, causing many companies to delay their plans. Most best upcoming IPOs are expected to launch in H2 2026 once markets stabilise.
💡 Key SEBI Update: SEBI has relaxed IPO dilution norms for very large companies. Firms with market cap over Rs 5 lakh crore now only need to dilute 2.5% equity (reduced from 5%). This makes it easier for giants like Reliance Jio to list without large promoter stake dilution.
Upcoming Mainboard IPOs to Watch in 2026
Here are the top upcoming mainboard IPOs in India for 2026 – each with full details on valuation, issue size, and current SEBI status:
1. Reliance Jio Platforms IPO
India’s largest telecom operator with 450 million+ subscribers, Jio is expected to be the biggest new upcoming IPO in Indian market history. A Bloomberg report suggests the DRHP may be filed as early as May 2026 – though no official date has been announced. Jio reported FY24 revenue of Rs 1 lakh crore+ with an EBITDA margin of ~52%, among the highest in global telecom.
2. National Stock Exchange (NSE) IPO
India’s largest stock exchange and near-monopoly in F&O derivatives trading, NSE has appointed up to 20 merchant bankers and settled its pending SEBI co-location cases. Once the no-objection certificate (NOC) is issued, this best upcoming IPO is expected to move rapidly. NSE reported Q3FY26 profit after tax of Rs 2,408 crore, up 15% quarter-on-quarter.
3. PhonePe IPO
Walmart-backed PhonePe received SEBI approval in January 2026 but has temporarily paused its IPO due to market volatility. FY25 revenue stood at Rs 7,115 crore (up 40% YoY), and the company turned free cash flow positive. PhonePe has expanded into insurance, lending, and wealth management beyond payments.
4. Flipkart IPO
Walmart-owned Flipkart has secured NCLT approval to shift its domicile from Singapore to India and is preparing to file its DRHP with SEBI. The company has strengthened its board with global tech executives. At $60 to 70 billion valuation, it would rank among India’s largest tech listings – making it one of the most-watched upcoming mainboard IPOs of 2026.
5. Zepto IPO
Zepto operates 900+ dark stores, processes 700,000+ daily orders, and holds ~30% of India’s quick commerce market. The company filed its DRHP via confidential route and received in-principle SEBI approval. Revenue grew 120% in FY24 to Rs 4,454 crore. This is among the best upcoming IPOs in the consumer tech space for 2026.
6. SBI Mutual Fund IPO
India’s largest asset manager by AUM, SBI and JV partner Amundi plan to sell a combined 10% stake via offer for sale. Given its strong brand, consistent AUM growth, and dominance in retail mutual funds, this upcoming IPO in India is expected to attract significant institutional and retail interest.
7. OYO (Oravel Stays) IPO
India’s largest hospitality chain, OYO is seeking shareholder approval for a Rs 6,650 crore IPO. The company is investing in tech-driven improvements including digital check-ins and AI-based hotel management to strengthen its listing narrative. A key upcoming IPO in India to watch in the hospitality space.
8. boAt – Imagine Marketing IPO
Parent of popular audio brand boAt, Imagine Marketing has filed an updated DRHP with SEBI for a Rs 1,500 crore IPO. boAt is India’s leading brand in earbuds, headphones, and smartwatches. Among the new upcoming IPOs from the consumer tech segment, boAt is the most retail-investor-friendly listing to watch.
Upcoming SME IPOs in India 2026
Apart from mainboard listings, upcoming SME IPOs continue to attract significant interest from retail and HNI investors. SME IPOs list on the NSE Emerge and BSE SME platforms and are ideal for investors looking for high-growth early-stage opportunities. In 2025, over 230 SME IPOs were listed – and 2026 is expected to maintain a strong pipeline.
💡 SME vs Mainboard: SME IPOs have higher minimum lot sizes and limited liquidity compared to mainboard IPOs, but often offer higher listing gains. They are suitable for investors with higher risk appetite. Always read the DRHP carefully before applying to any upcoming SME IPO.
Key features of upcoming SME IPOs in 2026:
- Platform: NSE Emerge and BSE SME
- Minimum Application: Higher lot sizes than mainboard (typically Rs 1 to 2 lakh+)
- Investor Category: Open to retail and HNI investors; QIBs have smaller allocation
- Lock-in: Promoter shares locked in for 3 years post-listing
- Migration: Successful SME companies can migrate to mainboard after 2 years
- Track upcoming SME IPOs at: NSE Emerge portal, BSE SME portal, IPOWatch, Chittorgarh
List of New IPOs in India 2026 – Full Table
Here is a complete list of new IPOs – both upcoming mainboard IPOs and key names – expected to hit NSE and BSE in 2026. This table covers issue size, estimated valuation, and current SEBI status:
| Company | Sector | Est. Issue Size | Est. Valuation | Status |
|---|---|---|---|---|
| Reliance Jio Platforms | Telecom | Rs 35,000 to 40,000 Cr | $130 to 170 billion | DRHP Prep |
| NSE | Financial Infra | Rs 20,000 to 47,500 Cr | Rs 4.75 to 7 lakh Cr | Awaiting NOC |
| Flipkart | E-Commerce | TBA | $60 to 70 billion | DRHP Filing |
| PhonePe | Fintech | ~Rs 12,000 Cr | $10.5 to 15 billion | SEBI Approved |
| Zepto | Quick Commerce | Rs 11,000 to 12,000 Cr | $5 to 7 billion | SEBI In-Principle |
| SBI Mutual Fund | Asset Management | 10% equity OFS | ~$12 billion | Bankers Appointed |
| OYO (Oravel Stays) | Hospitality | Rs 6,650 to 8,430 Cr | ~$800M to $1B | Shareholder Vote |
| boAt (Imagine Marketing) | Consumer Tech | Rs 1,500 Cr | TBA | DRHP Filed |
| Hero FinCorp | NBFC | Rs 3,668 Cr | TBA | DRHP Filed |
| Bhagwati Products | Electronics Mfg | Rs 3,000 Cr | Rs 20,000 Cr+ | Bankers Appointed |
| Tata Play | DTH / Media | TBA | TBA | Planning Stage |
| MakeMyTrip | Travel Tech | TBA | TBA | Planning Stage |
| PharmEasy | Health Tech | Rs 6,250 Cr | TBA | Plans Revised |
| Bharat Coking Coal | Mining / PSU | Rs 1,300 to 1,500 Cr | TBA | OFS Planned |
| Navi Technologies | Fintech | TBA | TBA | H2 2026 Target |
Sector-Wise Breakdown of New Upcoming IPOs in 2026
The new upcoming IPO calendar for 2026 spans a wide range of sectors – offering diverse opportunities for every investor type:
- Telecom: Reliance Jio Platforms
- Fintech and Payments: PhonePe, Hero FinCorp, Navi Technologies
- E-commerce and Quick Commerce: Flipkart, Zepto
- Asset Management: SBI Mutual Fund
- Financial Markets Infrastructure: National Stock Exchange (NSE)
- Consumer Electronics: boAt (Imagine Marketing)
- Hospitality: OYO (Oravel Stays)
- Health Tech: PharmEasy, Sahajanand Medical Technologies
- Media and DTH: Tata Play
- Electronics Manufacturing: Bhagwati Products
- PSU and Government: Bharat Coking Coal (BCCL)
- Travel Tech: MakeMyTrip
How to Apply for an Upcoming IPO in India – Step-by-Step
Applying for any upcoming IPO in India is simple if you follow these steps:
Open a Demat and Trading Account
You need a SEBI-registered broker account (Zerodha, AngelOne, Upstox, Bajaj Finserv, etc.) linked to your PAN and bank account.Track IPO Dates and DRHP Filings
Monitor NSE and BSE official websites, SEBI’s portal, and financial platforms for subscription windows. Review the Draft Red Herring Prospectus (DRHP) for each upcoming mainboard IPO you plan to apply for.Read the Prospectus Carefully
Study the business model, revenue, profits, promoter background, risk factors, and use of proceeds – all available in the RHP or DRHP document.Apply via ASBA or UPI
Submit your bid through your broker using UPI (up to Rs 5 lakh) or ASBA via net banking. Funds are only blocked – not debited – until allotment.Check Allotment Status
Allotment results are announced within 6 to 7 days after subscription closes. Check on KFintech, LINKINTIME, NSE, or BSE portals.Shares Credited or Funds Released
If allotted, shares arrive in your demat before listing. If not allotted, blocked funds are automatically released back to your bank account.
Who Can Apply? Any Indian resident with a PAN card and demat account. NRIs can also apply using a PAN card, NRE or NRO bank account, and NRI Demat account. Investor categories: Retail (up to Rs 2 lakh), HNI or NII (above Rs 2 lakh), and QIB (Institutional Buyers).
Best Upcoming IPOs – How to Evaluate Before Applying
Not every IPO in the list of new IPOs is worth investing in. Here is how to pick the best upcoming IPOs for your portfolio:
- Valuation vs. Peers: Compare the IPO P/E or P/S ratio against already-listed competitors in the same sector.
- Business Fundamentals: Look for consistent revenue growth, improving margins, and a clear path to profitability.
- Use of Proceeds: Fresh issue funds going to expansion or debt repayment are better signs than a pure OFS (promoter exit).
- Promoter Holding Post-IPO: High promoter stake retention signals confidence in the company’s future.
- Grey Market Premium (GMP): A high GMP reflects strong demand – but it is unofficial and can change rapidly. Do not rely on it alone.
- QIB Subscription: Strong oversubscription in the QIB (institutional) category is a healthy indicator of serious investor confidence.
- Lock-in Period Awareness: Anchor investors have a 30-day lock-in. Post lock-in selling pressure can temporarily depress the stock price.
- Read the Risk Factors: The DRHP lists all key business and regulatory risks. Read them before applying to any upcoming SME IPO or mainboard issue.