Jio, Flipkart, PhonePe, SBI MF, Oyo among big-ticket IPOs to watch in 2026
Top IPOs in 2026: According to analysts, a few key IPOs for 2026 include Reliance Jio, Zepto, Flipkart, PhonePe, and Oyo
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Top IPOs in 2026: India's primary market has had a standout 2025, with 103 companies raising a record ₹1,75,901 crore through main board initial public offerings (IPOs) — 10 per cent higher than the ₹1,59,784 crore mobilised by 91 issues in 2024, according to primedatabase.com.
The year also saw an all-time high of 249 companies filing their offer document for approval with the market regulator Securities and Exchange Board of India (Sebi) in the mainboard category, in comparison to 145 in 2024. Among the large offerings, Tata Capital led with ₹15,512 crore offer size, HDB Financial Services with ₹12,500 crore, and LG Electronics with ₹11,605 crore. On the flipside, Jinkushal Industries was the smallest IPO with an issue size of ₹116 crore. The average IPO size held broadly steady at ₹1,708 crore, primedatabase.com. noted.
On the SME front, 267 IPOs collected a total of ₹11,430 crore in 2025, 30 per cent higher than ₹8,761 crore from 240 IPOs last year. The largest SME IPOs were Safe Enterprises Retail Fixtures and Capital Numbers Infotech, each with an issue size of ₹161 crore.
The average issue amount saw a three-fold jump in four years from just ₹13 crore in 2021 to ₹43 crore in 2025, primedatabase.com data showed.
Upcoming IPO in 2026
Looking ahead, Thomas V Abraham, research analyst, Mirae Asset ShareKhan, believes India's IPO landscape for 2026 shows strong potential in the backdrop of moderating valuations, steady systematic investment plan (SIP) inflows, and overseas capital, which are fuelling ongoing activity. Leading sectors that may see IPOs in the new calendar year include telecom, financial technology, and consumer technology -- underscoring the nation's digital transformation, he said.
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"India's 2026 IPO landscape looks promising with expected fundraise between ₹1.67-2.08 trillion. Over 190 mainboard firms are queued up, including 84 with Sebi clearance, totalling ₹1.14 trillion, building on 2025's unprecedented collections," Abraham said.
IPO to watch in 2026
According to analysts, a few key IPOs for 2026 include Reliance Jio, Zepto, Flipkart, PhonePe, and Oyo.
"Reliance Jio aims to unlock over ₹70,000 crore by offloading 5 per cent equity at a ₹14.11 trillion enterprise value. National Stock Exchange IPO (NSE IPO) prepares for listing amid keen institutional backing for its trading infrastructure dominance. Flipkart, PhonePe (₹99,600 crore value), and Zepto also bolster the ₹1.67 trillion queue. Oyo, meanwhile, seeks ₹58,100-66,400 crore post-draft filing to revive hotel operations, joined by SBI Mutual Fund and Fractal Analytics in finance and analytics," said Abraham.
Meanwhile, primedatabase.com data shows Sebi has approved 100 companies' offer documents to raise money through IPO. Among others, large IPOs by issue are Credila Financial Services and Dorf-Ketal Chemicals India, aiming to raise ₹5,000 crore each. Other famous names include, Hero Fincorp (₹3,600 crore), Greaves Electric Mobility (₹ 1,000 crore), Veritas Finance (₹2,800 crore), Hero Motors (₹1,200 crore) and ShadowFax Technologies (₹2,000 crore).
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First Published: Jan 01 2026 | 7:40 AM IST