India’s primary market is expected to remain active in 2026, with several large and well-known companies preparing to explore public listings. Following a strong year for equity fundraising in 2025, the upcoming pipeline suggests a return of marquee issuers across telecom, fintech, ecommerce, exchanges and consumer businesses.
Depending on market conditions and regulatory approvals, market estimates suggest that planned listings in 2026 might collectively raise over 1 lakh crore.
Large issues expected in 2026
Reliance Industries’ telecom arm, Reliance Jio, is among the most anticipated listings. Chairman Mukesh Ambani has previously indicated that Jio could consider a public issue in the first half of 2026. However, the company has not announced a timeline or issue structure.
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Ecommerce firm Flipkart has taken steps toward a potential listing after the National Company Law Tribunal approved the merger of several group entities. The move is widely seen as part of efforts to shift its domicile to India ahead of an IPO. No date has been announced.
The proposed IPO of the National Stock Exchange remains pending. While governance-related concerns have been addressed, regulatory approvals are still awaited.
Digital payments company PhonePe has filed draft papers with the market regulator through the confidential route. Details regarding the issue size and launch window have not been disclosed.
Quick-commerce startup Zepto is also expected to file confidentially, according to reports. Hospitality platform OYO has sought shareholder approval for a fresh issue, while consumer electronics brand boAt has submitted updated draft documents.
Non-banking lender Hero FinCorp has also filed papers and is awaiting regulatory clearance.
Other companies preparing for listings
Several firms have already received approval from the SEBI and are waiting for favourable market conditions. These include Fractal Analytics and Clean Max Enviro Energy. SBI Mutual Fund and Prestige Hospitality Ventures are also expected to explore listings in 2026.
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Near-term IPO activity
No new mainboard IPOs are scheduled to open between December 29, 2025 and January 2, 2026. Activity during this period will be limited to the SME segment.
Modern Diagnostic & Research Centre is scheduled to open its issue on December 31 and close on January 2. Gujarat Kidney is expected to list on December 30, along with several companies debuting on the NSE and BSE SME platforms through the week.
