IPOs to Watch in 2026: Zepto, PhonePe, Flipkart and Other Big Names Set to Go Public

The Indian primary market is poised for a blockbuster year in 2026, with a strong pipeline of high-profile companies preparing to enter the public markets. From consumer tech and fintech to e-commerce, financial services and clean energy, the upcoming IPO calendar reflects the growing maturity of India’s startup and corporate ecosystem.

Market participants expect 2026 to be one of the busiest IPO years, with more than 190 companies reportedly exploring listings and total fundraising potentially crossing ₹2.5 lakh crore. Several long-awaited unicorns and large institutions are expected to anchor investor interest.

Zepto: Quick Commerce Unicorn Eyes Public Markets

Zepto, one of India’s fastest-growing quick commerce platforms, is among the most closely watched IPO candidates for 2026. Founded in 2021, the company has built its brand around ultra-fast grocery and essentials delivery, competing aggressively in the high-intensity instant commerce segment.

Zepto has initiated the IPO process through a confidential filing route and is expected to raise over ₹4,000 crore. The listing will be a key test case for the sustainability and profitability of quick commerce business models in public markets.

PhonePe: Fintech Giant Prepares for a Landmark IPO

PhonePe, the Walmart-backed digital payments and fintech platform, is expected to launch one of the largest fintech IPOs in India in 2026. The company has transitioned its headquarters to India and is preparing for a public listing after years of dominance in UPI transactions.

With a rapidly expanding portfolio that includes payments, insurance, wealth products and lending, PhonePe is expected to target a valuation in the $10–15 billion range, with a proposed issue size of around $1.2–1.5 billion. The IPO is likely to include both a fresh issue and an offer for sale.

Flipkart: E-Commerce Major Set for a Mega Listing

Flipkart, India’s homegrown e-commerce leader, is also lining up for a 2026 IPO after relocating its corporate structure back to India. Majority-owned by Walmart, Flipkart’s public offering is expected to be among the largest technology IPOs in Indian market history.

The company operates across online retail, logistics, payments and fashion, and its listing is expected to provide public investors access to India’s long-term consumption growth story. Market estimates place Flipkart’s potential valuation between $60–70 billion.

Other Major IPOs to Watch in 2026

Reliance Jio

Reliance Jio’s IPO is expected to be a defining event for Indian capital markets. With leadership in telecom, broadband and digital services, Jio’s listing could become the largest IPO ever in India, drawing massive domestic and global investor interest.

National Stock Exchange (NSE)

India’s largest stock exchange is also expected to make its long-awaited market debut, subject to regulatory clearances. The NSE IPO is likely to attract strong institutional demand given its monopoly-like position in equity derivatives and cash markets.

SBI Mutual Fund

SBI Funds Management, one of India’s largest asset managers, is planning an IPO that could raise around $1 billion or more. The listing would give investors exposure to India’s fast-growing mutual fund and asset management industry.

boAt

Consumer electronics brand boAt, known for audio products and wearables, is preparing for a public issue estimated at around ₹1,500 crore. The IPO will test investor appetite for D2C consumer brands in the post-pandemic market environment.

Hero Fincorp

Hero Fincorp, the NBFC arm of the Hero Group, is planning a ₹3,600 crore+ IPO, positioning itself as one of the major financial services listings of the year.

OYO

Hospitality platform OYO is once again gearing up for a public listing, with plans for a fresh issue of approximately ₹6,650 crore. The company is focused on improving profitability and operational stability ahead of its market debut.

CleanMax Enviro Energy

CleanMax, a renewable energy and sustainability-focused company, is preparing a ₹5,200 crore IPO, tapping into rising investor interest in ESG and clean energy infrastructure.

Fractal Analytics

AI and analytics firm Fractal Analytics is also expected to list in 2026, potentially becoming one of India’s first major publicly traded AI-focused companies, with an issue size close to ₹4,900 crore.

Outlook for 2026 IPO Market

The 2026 IPO pipeline highlights the growing confidence of Indian companies in public markets. Strong domestic liquidity, increased retail participation, and rising global interest in India’s growth story are expected to support primary market activity.

While marquee names like Zepto, PhonePe and Flipkart will dominate headlines, investors are also likely to find opportunities across financial services, consumer brands, energy, analytics and infrastructure.

If market conditions remain supportive, 2026 could emerge as a landmark year for Indian IPOs, reshaping the public market landscape for years to come.

Source: https://www.cnbctv18.com/photos/market/ipo-to-watch-in-2026-zepto-phonepe-flipkart-among-big-names-preparing-to-go-public-19812974.html