Reliance Jio, NSE and PhonePe are among the top 10 IPOs to watch out for in 2026

India’s primary market looks set to have another busy year in 2026, with a crowded pipeline of large and high-profile companies preparing to tap the stock market. Around 84 companies have already received approval from regulator Sebi to raise around Rs 1.14 lakh crore through IPOs. Another 108 companies are still awaiting regulatory approvals and are trying to raise around Rs 1.46 lakh crore. All told, more than 190 companies have been approved or are in the approval queue, indicating a potential fundraising pipeline of more than Rs 2.5 lakh crore.

Here are the top 10 IPOs to watch out for in 2026:

Trust Jio

Topping the list is Reliance Jio, whose highly anticipated listing could dominate the IPO calendar next year. Market expectations peg Reliance Industries’ telecom and digital services business at a valuation of around Rs 11 lakh crore to Rs 12 lakh crore. If Reliance Jio were to launch in 2026, it would become India’s largest IPO, with the sheer size of the offering likely to absorb liquidity and shape market sentiment for months.

NSE

Another highly anticipated listing that could finally see movement is the National Stock Exchange of India. The NSE IPO has gained momentum after the exchange set aside around Rs 1,300 crore to settle pending matters with the regulator. Market participants are expecting a no-objection certificate from Sebi soon, which could pave the way for one of India’s most followed listings.

Flipkart

Indian new-age and consumer internet companies are also expected to play a prominent role. Flipkart is preparing for a 2026 listing and is said to be targeting a valuation of $60 billion to $70 billion. The Walmart-owned e-commerce giant is expected to be one of the largest technology providers from India with its strong brand recall and large customer base.

TelephonePe

Payments giant PhonePe has already filed its confidential draft papers with Sebi for a $1.5 billion initial public offering, valuing the company at around $15 billion. The listing would mark another important milestone for India’s fintech sector, which has seen rapid growth but remains selective in public market adoption.

OYO

Hospitality platform OYO is also back in the spotlight. The SoftBank-backed company has started preparing for an initial public offering that could raise up to $800 million, according to reports. OYO is focusing on stabilizing its business and improving profitability ahead of the crisis, after previous efforts were postponed by market conditions.

SBI mutual fund

Traditional financial services will also have a strong presence. According to Bloomberg, SBI Funds Management is considering raising up to $1.2 billion through an initial public offering in the first half of 2026. Backed by the State Bank of India and Amundi, it is the country’s largest asset manager by assets and could offer investors exposure to the fast-growing Indian mutual fund industry.

Hero Fincorp

On the lending front, Hero Fincorp plans to raise Rs 3,668.13 crore through its IPO, comprising a fresh issue of Rs 2,100 crore and an offer for sale by existing shareholders. The company’s performance will be closely watched as investors remain cautious about unsecured lending.

Navi technologies

Fintech company Navi Technologies, founded by Sachin Bansal, is targeting a stock exchange listing in the second half of FY26. Navi has expanded into personal lending, home loans and insurance, and the IPO is expected to turn heads as one of the few major founder-led fintechs to enter the public markets.

Zepto

Quick-commerce player Zepto is also preparing to resubmit its draft papers. The company is looking to raise $450 million to $500 million, or about Rs 4,000 crore to Rs 4,440 crore, through a mix of fresh equity and investor exits as it continues to scale its business in a competitive segment.

boat

The list is completed by consumer electronics brand boAt, which has appointed ICICI Securities, Goldman Sachs and Nomura as bankers for its IPO. The company is said to be aiming to raise $300 million to $500 million at a valuation of more than $1.5 billion, although final numbers could change closer to the filing.Also read: Rs 3 lakh cr ICICI Pru AMC IPO bids indicate strong liquidity for quality concerns: Gurmeet Chadha

(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times.)