India’s IPO wave is just getting started: The big 2026 listings to watch
A blockbuster pipeline—from Jio and PhonePe to SBI MF and NSE—signals another landmark year for India’s primary markets.
India’s IPO market is entering one of its most powerful phases yet. Between 2020 and 2025, companies raised about ₹5,390 billion through public listings, more than what was mobilized in the entire two decades from 2000 to 2020, and with barely half as many issues. The pace, scale, and investor participation have surged, signalling a fundamental shift in how Indian companies tap public markets.
With 2026 approaching, that momentum isn’t fading. A strong pipeline of companies across sectors is preparing to come out with their initial public offerings (IPOs), setting the stage for another milestone year for India’s primary market.
#1 Reliance Jio
Since its launch in 2016, Reliance Jio has fundamentally reshaped how India connects and consumes the internet. Before Jio, India ranked 155th worldwide in mobile data usage. Affordable 4G access changed this almost overnight, pushing the country ahead of mature markets like the US and the UK and powering a digital boom—UPI payments, OTT streaming, and more.
Now, Jio appears ready for its next chapter: a public listing. The company has begun informal discussions with investment banks for an IPO planned in the first half of 2026. Early estimates suggest it could raise over $6 billion by selling just around 5% equity, positioning it among India’s largest listings, possibly even surpassing Hyundai Motor India’s blockbuster 2024 debut.
Current market estimates peg Jio Platforms’ valuation between $130 billion and $170 billion, though final numbers will depend on market conditions closer to listing. Mukesh Ambani reaffirmed this timeline during Reliance Industries’ 48th annual general meeting on 29 August 2025, noting that Jio aims to go public by H12026, subject to regulatory approvals.
With nearly 500 million subscribers, Jio remains India’s largest wireless carrier. Its next leg of growth is expected to be driven by artificial intelligence (AI) initiatives through Reliance Intelligence, broadband expansion via UBR-FWA, and investments in future-ready technologies such as 6G connectivity.
#2 OYO
OYO is an Indian multinational hospitality chain operating as a technology platform that transforms fragmented and unbranded hotels into branded, digitally enabled accommodations. Its IPO journey, however, has been long and uneven, shaped by market conditions and investor concerns.
October 2021: OYO submits its first IPO application—returned by the Securities and Exchange Board of India (Sebi) in January 2023.
May 2024: The second attempt is withdrawn due to weak market conditions and a pending funding round.
October 2024: The planned IPO is postponed again after SoftBank seeks stronger earnings before listing.
May 2025: OYO delays its third attempt due to market volatility and SoftBank’s push for improved earnings, shifting its target to 2026.
August 2025: Reports surface of board meetings and discussions with investment banks (Axis, Citi, GS, ICICI, JM, Jefferies) to finalize strategies.
Media reports suggest the company may raise up to $800 million, with a mix of new and existing shares, valuing OYO at $7–8 billion. The draft prospectus is likely to be filed later this year.
In November, the parent entity PRISM announced a new, simplified bonus structure covering all shareholders—including small investors and CCPS holders—after withdrawing a controversial earlier proposal that required an opt-in and linked benefits to IPO progress. The new format aims to ensure equal participation and transparency across investor classes.
#3 PhonePe
PhonePe, India’s largest digital payments platform, is backed by global investors including Walmart, Microsoft, Ribbit Capital, and Tiger Global. While payments remain its core business, PhonePe has expanded into credit, insurance, wealth management, and other financial services through multiple subsidiaries, positioning itself as a full-stack fintech player.
In September, PhonePe filed its Draft Red Herring Prospectus (DRHP), marking a critical step toward its public listing. Media reports indicate the company is targeting an IPO of about $1.5 billion, valuing it at roughly $15 billion.
PhonePe has also received a payment aggregator licence from the Reserve Bank of India, enabling it to offer online merchant payment services and strengthen its footprint in digital commerce.
#4 SBI Mutual Fund
SBI Mutual Fund, established in 1987 as India’s first non-UTI mutual fund, is now the country’s largest asset management company. It operates as a joint venture between the State Bank of India (63%) and Amundi Asset Management (37%).
The fund house offers a wide range of products across equity, debt, hybrid schemes, ETFs and more. As of 30 September, it manages ₹16.32 trillion under alternates and holds a 15.5% share of the mutual fund industry.
On 7 November, State Bank of India announced plans to list SBI Funds Management Ltd (SBIFML), making it the third SBI subsidiary to go public after SBI Cards and SBI Life Insurance. Market estimates suggest the asset manager could be valued at around ₹1 trillion, given its scale, brand strength, and dominance in India’s mutual fund ecosystem.
#5 NSE
Incorporated in 1992 and recognised by SEBI in 1993, the National Stock Exchange (NSE) began operations in 1994 and has since sustained leadership across asset classes in both domestic and global markets.
NSE operates an integrated market infrastructure spanning trading, clearing, settlement, indexing, and data services across equities, debt, commodities, currencies, derivatives, and ETFs. NSE Clearing ensures secure settlement, while its listing services support capital raising for Indian corporates.
Sebi chairperson Tuhin Kanta Pandey said on 17 November that the process for proposed amendments to the Listing Obligations and Disclosure Requirements (LODR) has begun, with extensive consultations planned. He also said clarity on the No Objection Certificate (NoC) for the NSE IPO will be provided at the appropriate time.
With these developments, the long-awaited NSE IPO appears closer to reality and could debut in Samvat 2082, subject to regulatory clearance. NSE has also reported strong traction for new offerings such as electricity futures and zero-day options, bolstering its innovation credentials.
For a detailed timeline, see our latest editorial: When is the NSE IPO coming?
Should you consider investing in big-ticket IPOs?
Large IPOs from established businesses can be appealing, but size alone doesn't assure listing gains or long-term returns. Investors should evaluate fundamentals, growth visibility, pricing, sector outlook, and the use of proceeds rather than relying on brand value or market buzz.
It’s best to approach big IPOs selectively and invest only when valuations and growth prospects justify the scale. Assessing fundamentals, corporate governance, and valuations remains key to sound due diligence before making any investment decision.
Happy investing.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.
This article is syndicated fromEquitymaster.com
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