After a record-breaking 2025 for India’s primary markets, the focus is now shifting to the next phase of marquee IPO ‘s in 2026. Investors on Dalal Street are closely watching a wave of big-ticket listings that could define the country’s public market activity in the coming year.
Key IPO ‘s to Watch
Bharat Coking Coal (BCCL), a subsidiary of Coal India, is expected to launch a Rs 1,300 crore IPO, primarily through an offer for sale. Reports suggest the issue could open as early as January 2026, although no official confirmation has been issued.
Reliance Jio Platforms, the telecom and digital services arm of Reliance Industries, is among the most anticipated listings. The company is preparing a draft prospectus, with the IPO expected in the first half of 2026, subject to regulatory approvals and market conditions.
National Stock Exchange (NSE) continues to await regulatory clearance for its long-delayed IPO. While governance issues have been resolved, approvals from market regulators are still pending.
PhonePe, the Walmart-backed digital payments firm, has confidentially filed its draft red herring prospectus (DRHP) with SEBI. The confidential route allows the company to delay public disclosure of financial details, with timing and issue size yet to be announced.
Other marquee names expected to hit the market include Flipkart, which recently received NCLT approval to move its legal base to India, and Zepto, which is preparing its SEBI filing through the confidential route.
OYO (Oravel Stays) is seeking shareholder approval for a Rs 6,650 crore IPO, while boAt’s parent, Imagine Marketing, has updated its DRHP for a Rs 1,500 crore IPO. Hero FinCorp, the NBFC backed by the Hero group, has filed for a Rs 3,668 crore IPO.
Other Notable Players
Beyond these marquee listings, several companies have cleared regulatory hurdles and await the right market conditions:
- Fractal Analytics – Rs 4,900 crore (data and AI services)
- Clean Max Enviro Energy – Rs 5,200 crore (renewable energy)
- SBI Mutual Fund – IPO in planning
- Prestige Hospitality Ventures – Rs 2,700 crore (hospitality arm of Prestige Group)
Market Outlook
The IPO pipeline for 2026 signals continued strength in India’s primary markets. While marquee issues like Reliance Jio, Bharat Coking Coal, and PhonePe are expected to attract massive investor attention, several other companies from fintech, renewable energy, and hospitality sectors are also gearing up for public listings.
With regulatory approvals largely in place and investor appetite robust, 2026 promises to be another landmark year for India’s IPO market.
