Top Upcoming IPOs in 2026: The Complete Watchlist for Indian Investors

The 2026 IPO Watchlist for Indian Investors

2026 is shaping up to be the biggest year for Indian IPOs in recent memory. After two volatile but instructive years in 2024 and 2025, the primary market is set to absorb a wave of marquee names — Reliance Jio, the National Stock Exchange itself, and high-growth consumer-tech disruptors like Zepto and PharmEasy. Add to that long-awaited issues like Tata Play, OYO, and SBI Mutual Fund, and the calendar starts to look unprecedented.

This article is the IPOMarket Research Team's curated watchlist for upcoming IPOs in 2026. It is updated as new DRHPs are filed, SEBI approvals come through, and dates are confirmed. For the live calendar with subscription dates, lot sizes, and GMP, head to the live IPO tracker. For sentiment signals, the IPO GMP page is updated through every bidding window. Bookmark this page — we will keep it current as 2026 unfolds.

Why 2026 is a Landmark Year for Indian IPOs

The setup heading into 2026 is the most constructive in years. Markets have absorbed the corrections of 2025, broader indices have stabilised, and primary-market sentiment has recovered alongside it. Domestic mutual fund flows are at record highs and SIP inflows continue to break monthly records. Foreign institutional investors who reduced exposure during the 2024–25 risk-off phase have been net buyers since late 2025. This is the kind of liquidity backdrop that opens the IPO window for large issuers.

On the regulatory side, SEBI has streamlined IPO approval timelines materially. The DRHP-to-launch window has tightened, and SEBI has been clearing files faster than at any point in the last five years. Disclosure norms have been sharpened — better for investors — but the procedural delays that used to push IPOs by 6 to 9 months have eased.

There is also a structural backlog. A long list of private-equity and venture-capital backed companies that delayed listings during the 2022–24 winter are now reaching IPO maturity. Founders and PE funds with 8 to 10 year holding periods need exits, and the public market is the cleanest route. New-age tech companies that learned hard lessons about path-to-profitability now have cleaner unit economics and are ready for public scrutiny.

Finally, retail participation in equity markets is at all-time highs. Demat account openings continue at over 25 lakh per month. ASBA-UPI flows have made IPO applications a 60-second process. The retail buyer is bigger, faster, and more confident than at any prior point in Indian market history. This is the demand side that issuers are looking at.

The Mega IPOs to Watch in 2026

Reliance Jio IPO

If it lists in 2026, the Reliance Jio IPO will be the largest IPO ever in Indian markets — by some distance. Estimated valuations exceed ₹9.3 trillion, which would dwarf every previous record on the Indian primary market.

Jio's story barely needs introduction. It revolutionised Indian telecom in 2016 with disruptive 4G pricing, expanded into JioFiber broadband, JioTV, JioCinema, JioMart, and an entire ecosystem of digital services. By 2026 it is no longer just a telecom company — it is a vertically integrated digital services platform with telecom as the spine. The IPO is expected to value the consumer-tech and platform stack alongside the connectivity revenue, which is a meaningful uplift over a pure-play telecom multiple.

The IPO is currently in the planning stage. Dates and offer structure have not been confirmed. Reliance Industries Limited has been signalling intent through investor communications, and the broader market expectation is for a mid-to-late 2026 listing. As soon as DRHP is filed, ipomarket.in will publish the full breakdown.

NSE (National Stock Exchange) IPO

The National Stock Exchange of India going public is one of the most anticipated listings in the country's market history. NSE is India's largest stock exchange by trading volume — handling the bulk of cash, derivatives, and currency volumes — and it has been wanting to list for years.

The path has been complicated. NSE has worked through multiple legal and regulatory matters over the past decade, and SEBI's approval has been a long-running condition for the issue. As of early 2026, the regulatory clearances are in their final phase, the company's governance has been substantially overhauled, and the DRHP work is in advanced stages.

The investor case is straightforward. NSE owns the dominant exchange infrastructure of the world's fastest-growing major equity market. Its revenue model — transaction charges, listing fees, data and technology — scales directly with market activity. For long-term investors, an NSE listing offers direct exposure to the structural growth of Indian capital markets.

Zepto IPO

Zepto is the breakout star of Indian quick-commerce. Founded in 2021, the company built a 10-minute grocery delivery model that scaled with extraordinary speed. Reported operating revenue grew approximately 120% to around ₹4,454 crore in FY24, with continued strong scaling reported into FY25.

Zepto plans to file its DRHP for a 2026 listing. The company is positioned as one of the fastest-growing consumer-tech businesses in India and is widely expected to be one of the most-watched IPOs of the year. The key questions investors will scrutinise are the path to profitability, contribution margin per dark store, customer cohort retention, and competitive intensity from Blinkit, Instamart, and Tata's BB Now.

Status: Pre-DRHP / planning stage. Dates and price band yet to be announced.

Tata Play IPO

Tata Play is India's largest DTH platform with over 19 million subscribers. The IPO is structured to include a meaningful Offer for Sale component — Walt Disney is offloading approximately 29.8% of its stake as part of the issue, alongside the company's primary fund-raise objectives.

Tata Play has filed its DRHP and is awaiting the formal SEBI observation. Once received, the issue could move quickly to the launch stage. The investor case combines a steady cash-generating DTH base with the Tata group's broader media and OTT strategy.

Status: DRHP filed, awaiting SEBI observation.

PharmEasy IPO

PharmEasy is one of India's largest digital health platforms, integrating online pharmacy, diagnostics, and tele-consultation. After a difficult 2022–23 stretch that saw the company restructure, write down valuations, and reorganise its balance sheet, PharmEasy is back in IPO mode for 2026.

The proposed IPO is a fresh issue of approximately ₹6,250 crore, with the proceeds going to the company. This is genuinely a comeback story — the kind of restructured-and-relisting narrative that can be rewarding for investors who believe the unit economics have reset.

Status: DRHP stage.

OYO IPO

OYO has been on the IPO radar for years, with multiple DRHP filings and revisions through prior cycles. The current plan is to raise approximately ₹8,430 crore through a combination of fresh issue and Offer for Sale. The company has narrowed its focus to affordable, technology-driven lodging and has been expanding its global footprint, particularly in Europe and Southeast Asia.

The investor question on OYO is the same as it has always been — does the unit economics on the average property work, and is the company structurally profitable on a global basis. Recent financial disclosures have been more encouraging than the 2021–22 period.

Status: Filing planned.

SBI Mutual Fund IPO

SBI Mutual Fund is India's largest asset management company by Assets Under Management (AUM). The IPO would give retail investors direct exposure to the Indian mutual fund industry's growth — which has been one of the most consistent compounders in Indian financial services over the last 15 years.

The investor logic is structural. As Indian household financial savings continue to shift from physical assets (gold, real estate) to financial assets (equities, mutual funds), the AMC industry is a direct beneficiary. SBI MF, given its distribution muscle through SBI's branch network, is uniquely positioned.

Status: Announced intent.

Recently SEBI-Approved IPOs Opening Soon

Two issues have received SEBI approval on 27 April 2026 and are in the launch queue.

Hindustan Laboratories — A Mumbai-headquartered Business-to-Government (B2G) generic pharmaceuticals company. The total offer is 1.41 crore shares (50 lakh fresh + 91 lakh OFS). FY25 revenue was ₹227.37 crore with PAT of ₹41.27 crore. This is a steady, defensive pharma issue rather than a momentum story. Read our full Hindustan Laboratories IPO review for the complete analysis.

RK Steel Manufacturing — A Tamil Nadu-based manufacturer of steel tubes and pipes for industrial and infrastructure applications. Also received SEBI approval on 27 April 2026. Dates and price band yet to be announced. The investor angle here is exposure to India's infrastructure capex cycle, with steel pipes feeding into water, oil and gas, and construction demand.

Both issues will appear on the live IPO tracker once the price bands and dates are confirmed.

Sector-wise Breakdown of the 2026 IPO Pipeline

This is not an exhaustive list. Dozens of mid-cap and small-cap IPOs across specialty chemicals, EMS (electronics manufacturing services), green energy, and BFSI are also expected through 2026. The live calendar at /ipo is updated as fresh DRHPs are filed.

How to Track and Apply for Upcoming IPOs on ipomarket.in

ipomarket.in is built around four primary tools that work together for an IPO investor.

Live IPO calendar at /ipo — The full pipeline of upcoming, open, closed, and listed IPOs. Filterable by status, sector, and exchange. Each IPO page carries the price band, lot size, dates, key dates timeline, financials, strengths and risks, and the apply button.

GMP page at /gmp — Real-time grey market premium tracking aggregated from multiple market sources, with mean, minimum, and maximum readings. Sorted by status. For a primer on how to read GMP, see our IPO GMP today — grey market premium guide.

Subscription tracker at /subscription — Live oversubscription multiples (QIB, NII, retail, total) updated through the bidding window for every open IPO. For the why and how of subscription numbers, read IPO subscription status check.

Allotment Calculator at /tools/allotment-calculator — Estimates the probability of getting at least one lot allotted in different oversubscription scenarios. Useful for retail investors planning multi-application strategies through family demats.

When you are ready to apply, the application is done through ASBA-UPI on your broker's app. The detailed walkthrough — UPI mandate, lot selection, cut-off price, payment block, allotment, refund — is in our guide How to apply for an IPO online in 2026.

Key Things to Check Before Applying to Any Upcoming IPO

A disciplined IPO investor evaluates every issue against a consistent checklist. The same template applies whether the IPO is a ₹500 crore SME or a ₹50,000 crore mega-cap.

Financials. Read the three-year revenue trajectory, the PAT trajectory, and the EBITDA margin trend. Is revenue growing steadily, accelerating, or flat? Is PAT growth in line with revenue, or is the company cutting costs to inflate the IPO numbers? Is debt rising faster than equity? A company entering an IPO should have at least two of the last three years showing healthy profit growth — and ideally a clean H1 of the IPO year as well.

Promoter quality and lock-in periods. Who are the promoters? What is their track record? What is their post-IPO holding? What is the lock-in schedule? In Indian IPOs, the minimum promoter contribution (typically 20% of post-IPO capital) is locked-in for 18 months, and any holding above that is locked for 6 months. Aggressive post-IPO promoter selling — even within rules — is a sentiment dampener.

Fresh issue vs OFS ratio. A fresh issue puts new money into the company. An Offer for Sale puts money in the hands of selling shareholders. Both are legitimate — but the higher the fresh issue share, the more capital the business itself receives. A 100% OFS issue is a pure exit; the company gets nothing for growth. A 100% fresh issue puts all proceeds to work for the business but means insiders are not crystallising any return at IPO.

Valuations. What is the price-to-earnings ratio at the issue price? How does it compare to listed peers in the same sector? Is the issue priced at a discount, in line, or at a premium to comparable companies? Premium pricing requires premium growth — without it, listing-day enthusiasm fades fast.

Grey Market Premium. GMP is a sentiment signal, not a valuation tool. A high GMP suggests strong demand from grey market participants and often correlates with strong listing-day gains. A negative or zero GMP usually signals weak interest. Track GMP at /gmp — but never make an IPO decision on GMP alone.

FAQs

When will the Reliance Jio IPO open?

The Reliance Jio IPO is in the planning stage. No DRHP has been filed yet, and no dates have been confirmed. The broader market expectation is for a 2026 listing. ipomarket.in will publish the dates immediately when the DRHP is filed.

How do I apply for upcoming IPOs in India?

Indian retail investors apply for IPOs through ASBA using the UPI mandate flow on their broker's app — Zerodha, Upstox, Groww, Angel One, or any SEBI-registered intermediary. The application amount is blocked in your bank account via UPI; if shares are allotted, the money is debited; if not, the block is released. Full step-by-step in our guide — How to apply for an IPO online in 2026.

What is the biggest IPO expected in 2026?

The Reliance Jio IPO, with estimated valuations exceeding ₹9.3 trillion, is expected to be the biggest IPO in Indian market history if it lists in 2026.

How do I check if an upcoming IPO has SEBI approval?

SEBI approval status is published on the SEBI EFTS portal and on the company's DRHP filing. ipomarket.in tracks SEBI approval status for every upcoming IPO on the live tracker. An IPO with SEBI approval can launch any time within 12 months of the observation letter date.

Is the Zepto IPO confirmed for 2026?

Zepto has indicated it plans to file the DRHP for a 2026 listing, but the formal DRHP filing and SEBI approval have not yet been completed as of early 2026. Confirmation will come with the DRHP filing.

What is GMP and how does it predict listing gains?

GMP, or Grey Market Premium, is the unofficial price at which an IPO's shares trade in the unregulated grey market between issue close and listing. A GMP of ₹100 on a ₹500 issue suggests grey market participants expect the share to list around ₹600. GMP is a sentiment signal — historically, IPOs with strong positive GMP have often delivered listing gains, but it is not a guarantee. For a full primer, read IPO GMP today — grey market premium guide.

How can I track upcoming IPO dates on ipomarket.in?

The live IPO calendar at /ipo carries every upcoming, open, closed, and listed IPO with dates, price band, lot size, and timeline. Each IPO has its own detail page with company financials, strengths, risks, and apply button.

What is the difference between DRHP and RHP?

The Draft Red Herring Prospectus (DRHP) is the preliminary filing with SEBI. It contains the company's full disclosure but leaves the price band and lot size blank — typically shown as [●]. SEBI reviews the DRHP and issues observations. The Red Herring Prospectus (RHP) is the final document filed before launch — it contains the confirmed price band, lot size, and subscription dates. Investors should always download and read the RHP from the registrar's website before applying.

Disclaimer: This article is published by IPOMarket Research Team for educational and informational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or an offer to invest. IPO investments are subject to market risks. Please read all scheme-related documents carefully before investing. ipomarket.in is not a SEBI-registered investment advisor or research analyst.