India’s primary market is gearing up for a blockbuster year in 2026, with a diverse mix of companies, from fintech giants and telecom leaders to healthcare providers and energy firms, lining up to go public. The upcoming IPO wave reflects not just strong investor appetite but also a maturing corporate ecosystem ready to unlock value at scale.
At the top of the pyramid sits Reliance Jio Platforms, expected to be India’s largest-ever IPO, with a potential issue size ranging between ₹40,000-₹50,000 crore. Backed by global investors like Meta and Google, Jio’s listing will likely anchor the entire IPO market sentiment. Close behind in significance is the long-awaited NSE IPO, which, despite being a relatively smaller offer-for-sale (around 4-4.5% stake), carries enormous symbolic and financial weight due to its position as India’s leading stock exchange.
The fintech and digital payments space is also making a strong showing, led by PhonePe, which converted into a public entity in 2025 and is now poised for listing. Alongside it, Zepto, the quick-commerce disruptor, aims to raise around ₹11,000 crore, highlighting investor confidence in India’s consumption-driven digital economy.
In the financial services sector, SBI Funds Management (SBI AMC) stands out as a stable, institutional play. Its IPO will give investors exposure to India’s rapidly expanding mutual fund industry, where retail participation continues to surge.
The healthcare sector is represented by Manipal Health Enterprises, which is expected to attract strong interest given the post-pandemic focus on healthcare infrastructure and private hospital chains. Meanwhile, INOX Air Products and INOX Clean Energy underline the growing importance of industrial gases and renewable energy in India’s growth story, with combined fundraising expected to cross ₹15,000 crore.
From the manufacturing and industrial side, companies like Indo-MIM and Avana Electrosystems (Avaada Electro) signal momentum in precision engineering and electronics manufacturing, key pillars of India’s “Make in India” push.
Additionally, Coal India’s subsidiaries, BCCL and CMPDI, are entering the market via offer-for-sale routes, reflecting the government’s continued strategy of value unlocking through disinvestment.
Even the hospitality sector is joining the race, with OYO planning a ₹6,650 crore issue after improving its financial performance, a move that could test investor appetite for new-age, previously loss-making companies.
The Big Picture
If we aggregate these offerings, the total potential fundraising comfortably exceeds ₹1.5-1.7 lakh crore, making 2026 one of the most significant years in India’s IPO history. What’s striking is the sectoral diversity, telecom, fintech, healthcare, energy, manufacturing, and digital commerce, all converging in a single cycle.
If even 70-80% of these listings hit the market as expected, 2026 could redefine how India’s capital markets are perceived globally.
