2026 is shaping up as the biggest IPO year in Indian history. After a record 2025 that saw 371 IPOs raising ₹1.75 lakh crore, the 2026 pipeline targets ₹2.5 lakh crore from 190+ companies. Beyond Jio, a wave of new-age companies are preparing to go public. Here is a detailed status tracker.
2026 Mega IPO Tracker
| Reliance Jio | ₹20,000+ Cr · DRHP prep · H1 2026 target · $130–170B valuation |
| Zepto | ₹11,000 Cr · Shareholder approval secured Dec 2025 · Jul–Sep 2026 window |
| PhonePe | ₹13,000–14,000 Cr · Confidential DRHP filed with SEBI · 40% UPI share |
| Flipkart | ₹15,000+ Cr · NCLT domicile shift approved · Pre-IPO round exploring |
| OYO | ₹6,650 Cr · 10 EBITDA-positive quarters · Shareholder approval pending |
| boAt | ₹1,500 Cr · DRHP filed with SEBI · ₹500 Cr fresh + ₹1,000 Cr OFS |
| SBI Mutual Fund | Largest-ever AMC IPO · ₹16L Cr AUM · Planning stage 2026 |
| NSE | Awaiting SEBI NOC · ₹1,300–1,388 Cr set aside for case settlement |
Zepto IPO — Key Details
Bengaluru's "10-minute grocery delivery" unicorn secured shareholder approval in December 2025 to raise up to ₹11,000 crore. Targeting a listing window of July–September 2026. Backed by Glade Brook and CalPERS, Zepto commands 23–27% of India's quick-commerce market. FY25 revenue reportedly crossed ₹11,000 crore. Pre-IPO valuation estimated at $7 billion.
PhonePe IPO — Key Details
Walmart-backed PhonePe filed a confidential DRHP with SEBI in October 2025. PhonePe commands 40% UPI market share and is expanding aggressively into credit, insurance, and wealth management. Valuation estimates range from ₹1.1–1.3 lakh crore. No official launch date announced. A landmark listing for India's fintech sector.
Flipkart IPO — Key Details
Walmart-owned Flipkart received NCLT approval to shift its domicile from Singapore to India — a critical structural step before listing. Exploring a pre-IPO round of $1.5–2.5 billion. Targeting valuation of $60–70 billion. FY25 losses narrowed significantly. Expected listing in 2026, subject to market conditions.
Why the Pipeline May Slip
- West Asia conflict and global volatility have already pushed several IPOs to defer via SEBI's April 7 extension
- ₹5.6 lakh crore in share unlocks between April–July 2026 creates secondary market pressure
- Demat additions hit 11-month low in March 2026 — retail appetite softened
- Global capital flows shifting — FPIs moved from IT to infrastructure in FY26
- SEBI notification on new IPO norms (awaited by Jio) remains the critical gating event
Investor Takeaway: Track DRHP filings via SEBI's website and SMEGMP's live IPO calendar. The pipeline is real but timing is uncertain. Stay patient, stay informed, and evaluate each IPO on its own merits when it actually opens.
