Jio, PhonePe, Flipkart among 190 companies planning IPOs in 2026
25 Dec 2025

India's primary market is gearing up for a busy 2026, with over 190 companies either approved or awaiting approval for initial public offerings (IPOs).

According to data from the Securities and Exchange Board of India (SEBI), around 84 firms have already received SEBI's nod to raise a total of ₹1.14 lakh crore through IPOs.

An additional nearly 108 companies are in line for approval to raise about ₹1.46 lakh crore.

190 companies set to raise over ₹2.5 lakh crore
Fundraising potential

The combined data indicates that more than 190 companies have either received or are awaiting approval, hinting at a possible fundraising potential of over ₹2.5 lakh crore in 2026.

The upcoming IPO calendar covers a wide range of sectors from telecom and fintech to consumer internet and financial services, showcasing India's corporate growth story.

Reliance Jio and NSE expected to lead the pack
Market leaders

Reliance Jio, the digital and telecom arm of Reliance Industries, is widely expected to go public with a valuation between ₹11 lakh crore and ₹12 lakh crore. If it goes ahead, this would be India's biggest IPO.

The National Stock Exchange (NSE) is also in the race after setting aside around ₹1,300 crore to settle pending matters with SEBI.

Flipkart, PhonePe, and OYO eye 2026 listings
Tech giants

Flipkart is said to be eyeing a 2026 listing with a valuation of $60-70 billion. This could make it one of the largest tech IPOs from India.

PhonePe has already confidentially filed for a $1.5 billion issue valuing the firm at about $15 billion, showing continued investor interest in scaled fintech platforms.

Meanwhile, hospitality firm OYO has revived its IPO plans and could raise up to $800 million as it works on business stability and profitability after earlier delays.

SBI Funds Management and Hero FinCorp plan IPOs
Financial services

SBI Funds Management is mulling an IPO of up to $1.2 billion in early 2026, giving investors a chance to tap into India's fast-growing mutual fund industry.

In the lending space, Hero FinCorp plans to raise ₹3,668.13 crore through a mix of fresh issue and offer for sale amid concerns around unsecured credit.