Currently Open IPOs — April 2026
As of April 2026, here are the IPOs currently open for subscription. These are live and accepting bids — apply before the close date:
Om Power Transmission IPO — This SME IPO from the power transmission equipment sector opened for subscription in April 2026. The company manufactures transformers and switchgear for state electricity boards and private power companies. The issue size is modest, typical of SME IPOs, and priced in a range accessible to retail investors. Check the live subscription status and latest GMP data on our tracker pages.
Propshare Celestia IPO — A mainboard issue from the real estate investment space, Propshare Celestia offers exposure to commercial real estate assets through a listed vehicle. This IPO attracted significant institutional interest during the anchor allocation round. Check the IPO detail page for complete financials and subscription data.
For the latest information on all open IPOs including real-time subscription status, GMP, and allotment dates, visit our IPO listing page which is updated every 5 minutes.
IPOs Expected in April-May 2026
The Indian primary market continues to see strong deal flow in 2026. Based on DRHP filings, SEBI approvals, and market sources, here are the IPOs expected to launch in the April-May 2026 window:
Several mid-sized companies from sectors like consumer technology, renewable energy, healthcare, and financial services have received SEBI approval and are waiting for favourable market conditions to launch. The pipeline includes both mainboard issues worth Rs 500 crore and above, and SME issues in the Rs 20-100 crore range.
The timing of these launches depends heavily on market conditions. If the Nifty and Sensex remain stable or bullish, most of these IPOs will likely hit the market within their approval windows. A sharp market correction could cause delays, as companies prefer to launch when investor sentiment is positive.
Keep checking our IPO Calendar for exact dates as they are announced. We update the calendar as soon as exchange notifications are published.
Mega IPOs to Watch in 2026
These are the blockbuster IPOs that the entire market is watching. Each of these has the potential to be one of the largest IPOs in Indian history:
Reliance Jio IPO — Estimated Rs 8,430 Crore
Reliance Jio Infocomm, the telecom and digital services arm of Reliance Industries, has been one of the most anticipated IPOs in Indian market history. With over 45 crore subscribers, Jio is India's largest mobile network operator and a dominant player in digital services including JioCinema, JioMart, JioSaavn, and JioCloud.
Why it matters: Jio's IPO could be the largest in Indian history. The company's valuation is expected to be in the range of Rs 8-10 lakh crore, making it comparable to some of the world's largest telecom companies. For retail investors, this would be a rare opportunity to own a piece of India's digital infrastructure backbone.
What to watch: The pricing will be critical. At the lower end of the estimated range, the IPO could see massive oversubscription. At the higher end, institutional investors might be more cautious. Keep an eye on our GMP tracker once the IPO is announced — Jio's GMP will be one of the most closely watched numbers in grey market history.
Zepto IPO
Zepto, the quick commerce startup that delivers groceries in 10 minutes, has grown explosively in Indian metros. The company has achieved profitability in several cities and is now expanding its dark store network aggressively. A 2026 IPO has been widely reported in financial media.
Why it matters: Zepto would be one of the first profitable quick commerce companies to go public in India. Its listing would provide a benchmark valuation for the entire quick commerce sector and could influence Blinkit (owned by Zomato) and Swiggy Instamart valuations.
PhonePe IPO
PhonePe, India's largest UPI payments platform by transaction volume, separated from Flipkart in 2023 and has been building towards a public listing. With over 50 crore registered users and a growing financial services portfolio (insurance, mutual funds, lending), PhonePe is one of the most valuable fintech companies in India.
Why it matters: PhonePe's IPO would be a landmark event for India's fintech sector. The company processes over 50 percent of all UPI transactions and has been diversifying revenue through financial product distribution and merchant services.
Flipkart IPO
Flipkart, India's original e-commerce giant and now owned by Walmart, has been preparing for an Indian listing. The company has been restructuring its corporate structure to facilitate a listing on Indian exchanges rather than in the US.
Why it matters: Flipkart's IPO would give Indian retail investors direct access to the country's largest e-commerce platform. With deep penetration in tier-2 and tier-3 cities and a strong logistics network (Ekart), Flipkart represents a unique play on India's consumption story.
SBI Mutual Fund IPO
SBI Mutual Fund, one of India's largest asset management companies with over Rs 10 lakh crore in AUM, has been considering a public listing. As a subsidiary of State Bank of India, it enjoys massive distribution reach and brand trust.
Why it matters: SBI MF's IPO would be the first large AMC listing since HDFC AMC and Nippon India AMC went public. Given the rapid growth of the Indian mutual fund industry (industry AUM has crossed Rs 60 lakh crore), this IPO would attract significant institutional interest.
How to Prepare for an Upcoming IPO — 5 Step Checklist
Do not wait until an IPO opens to start preparing. Here is a 5-step checklist to ensure you are ready when the next big IPO launches:
Step 1 — Ensure your demat account is active. Log in to your broker account and verify that your demat is active and KYC is complete. If you do not have a demat account, open one now — it takes 1-2 days. We recommend Zerodha, Upstox, or Angel One for IPO investing.
Step 2 — Verify your UPI ID. Make sure your UPI ID is linked to your primary bank account and that the UPI app is updated. Test it by sending Rs 1 to a friend. Many IPO applications get rejected because of incorrect or inactive UPI IDs.
Step 3 — Check your bank balance. For retail applications, keep at least Rs 15,000 to Rs 2,00,000 available in your bank account (depending on the IPO lot size and price band). The amount will be blocked via ASBA until allotment is finalised.
Step 4 — Set up our alerts. Follow our Telegram channel for instant notifications when new IPOs are announced, subscription updates, and allotment results. You can also bookmark our IPO listing page and check it daily.
Step 5 — Read the DRHP/RHP when it is filed. When a company files its Draft Red Herring Prospectus with SEBI, it contains all the financial data, risk factors, and use of IPO proceeds. Reading at least the key sections (business overview, financials, risk factors, and objects of the issue) will help you make an informed decision.
How to Evaluate if an IPO is Worth Applying For
Not every IPO deserves your application. Here are the five key factors to evaluate:
1. Valuation relative to peers. Compare the IPO's P/E ratio with listed companies in the same sector. If the IPO is priced at 40x P/E while listed peers trade at 25x, the valuation is aggressive and listing gains may be limited.
2. Company financials. Look at revenue growth (is it consistent?), profitability (is the company making money?), and debt levels (is the balance sheet clean?). Three years of financial data is available in the RHP.
3. Industry tailwinds. Is the company in a growing sector? IPOs in sectors with strong tailwinds (renewable energy, digital infrastructure, healthcare) tend to perform better than those in mature or cyclical sectors.
4. Promoter track record. Research the promoters and management team. Have they successfully built and scaled businesses before? Do they have a clean regulatory history?
5. Use of IPO proceeds. Is the company raising fresh capital for growth (positive) or are existing shareholders selling their stake (OFS — neutral to negative)? IPOs that are predominantly OFS provide no new capital to the company and may indicate that insiders want to cash out.
Understanding the IPO Pipeline
The journey from a company deciding to go public to the actual IPO involves several stages:
DRHP Filed: The company files a Draft Red Herring Prospectus with SEBI. This is the earliest public signal that an IPO is coming. SEBI typically takes 30-75 days to review and provide observations.
SEBI Approved: SEBI provides its observations and the company addresses them. The DRHP becomes an RHP (Red Herring Prospectus). The company now has 12 months to launch the IPO.
Dates Announced: The company and its bankers choose the IPO dates based on market conditions. Price band and lot size are announced 2-3 days before the open date.
IPO Open: The subscription window opens (typically 3 working days for mainboard, 3-5 for SME).
You can track all stages of the IPO pipeline on our IPO listing page, which shows upcoming, open, and recently listed IPOs with their current status.
Key Sectors Driving the 2026 IPO Pipeline
The IPO pipeline in 2026 is dominated by several high-growth sectors that reflect the structural transformation of the Indian economy:
Consumer Technology and E-commerce. Companies like Zepto, Flipkart, and several D2C brands are preparing to go public as the digital commerce penetration in India continues to grow. With over 80 crore internet users and rising digital payment adoption, these companies have built substantial revenue bases and are now seeking public market validation.
Financial Services and Fintech. PhonePe, SBI Mutual Fund, and several NBFC players are in the IPO pipeline. India's financial services sector is benefiting from rising financial literacy, growing SIP culture (monthly SIP flows have crossed Rs 20,000 crore), and the formalisation of credit through digital lending platforms.
Renewable Energy and Green Infrastructure. With India committed to 500 GW of renewable energy capacity by 2030, several solar, wind, and green hydrogen companies are planning IPOs. This sector is expected to see some of the largest issue sizes in 2026 as companies need capital for capacity expansion.
Healthcare and Pharmaceuticals. Hospital chains, diagnostic companies, and specialty pharma firms continue to tap the primary market. India's healthcare sector is growing at 15-18 percent annually, driven by rising health insurance penetration and post-pandemic awareness about healthcare infrastructure.
Manufacturing and Capital Goods. In line with the government's Make in India and PLI (Production Linked Incentive) schemes, several manufacturing companies — particularly in electronics, defence, and auto components — are seeking IPO listings. These companies have benefited from import substitution trends and export growth.
How Market Conditions Affect the IPO Calendar
The timing and pricing of IPOs are heavily influenced by broader market conditions. Understanding this relationship helps you anticipate when IPOs will launch and how they might perform:
Bull market phase: Companies rush to go public during bull markets because they can command higher valuations. You will see a packed IPO calendar with multiple issues open simultaneously. Investor enthusiasm is high, GMP tends to be elevated, and most IPOs list at premiums. The downside is that some companies take advantage of euphoria to price aggressively, leading to disappointing post-listing performance.
Correction or bear phase: IPO activity slows dramatically during market corrections. Companies postpone their plans because they cannot achieve desired valuations. The few IPOs that do launch tend to be attractively priced (since the company needs to entice cautious investors), which can make them better investment opportunities.
Sideways or consolidating market: This is often the best environment for IPO investors. Companies price reasonably because the market is not euphoric, but investor participation is still healthy. IPOs in sideways markets tend to have the best risk-reward ratio.
Nifty level as a rough guide: Historically, IPO activity in India picks up significantly when the Nifty 50 is trading above its 200-day moving average and within 5 percent of its all-time high. When the Nifty falls more than 10 percent from its high, expect half or more of the announced IPOs to be postponed.
To stay on top of all upcoming dates and schedule changes, bookmark our IPO Calendar page, which is updated as soon as exchange notifications are published.
Frequently Asked Questions
How far in advance are IPO dates announced?
Typically, exact IPO dates (open and close) are announced 5-7 days before the issue opens. However, the DRHP filing happens 2-6 months before the actual IPO, giving you an early signal that a company is planning to go public. Our IPO listing page tracks both filed and announced IPOs.
Can an IPO be cancelled after being announced?
Yes. Companies can withdraw their IPO at any stage before the subscription opens, and in rare cases even during the subscription period if there are regulatory concerns. Market crashes or adverse company-specific developments can cause withdrawals. In 2025-2026, a handful of companies have postponed or withdrawn their IPOs due to market volatility.
How many IPOs typically launch in a year in India?
India has seen between 50 and 80 mainboard IPOs per year in recent years, plus 150 to 200 SME IPOs. The total varies significantly based on market conditions. Bull years see higher numbers, while bear markets can reduce the count by 40-50 percent.
Should I apply for every upcoming IPO?
No. Not every IPO is worth applying for. Evaluate each IPO based on the company's financials, valuation relative to listed peers, industry prospects, and use of proceeds. Applying indiscriminately blocks your capital via ASBA for 6-7 days per IPO and may result in allotment in a weak issue.
Where can I find the DRHP or RHP for upcoming IPOs?
DRHPs and RHPs are filed with SEBI and available on the SEBI website (sebi.gov.in) as well as on the websites of the lead managers (investment banks). We link to the DRHP and RHP documents on each IPO detail page once they are available.
Note: This article is updated monthly to reflect the latest IPO pipeline. Last updated: April 2026.
Disclaimer: This article is published by ipomarket.in 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. Grey Market Premium (GMP) data is sourced from unofficial market participants and is not endorsed by SEBI, NSE, or BSE. Past performance is not indicative of future results. Please read all scheme-related documents carefully and consult a SEBI-registered financial advisor before investing. ipomarket.in is not a SEBI-registered investment advisor or research analyst.