Top IPOs of 2026 in India | From Unlisted Shares to Public Markets

Upcoming IPOs of 2026: Jio, NSE, OYO, Zepto, and the Shift from Unlisted Shares

Key Takeaways

●    The IPOs of 2026 reflect a shift toward large, mature businesses entering public markets.

●    Many upcoming IPOs in India are transitioning from long-held unlisted shares rather than early-stage growth stories.

●    Valuation discipline, profitability, and governance will matter more than brand visibility.

●    For investors, understanding companies before they move from unlisted shares to listed markets is increasingly important.

Top IPOs of 2026: A Quieter but More Serious Cycle

India’s IPO market does not feel euphoric heading into 2026. That, in itself, is a sign of maturity.

Over the last five years, IPOs have become routine rather than rare. Between 2020 and 2025, companies raised close to ₹5.39 trillion through public issues, a figure that would have sounded implausible a decade ago. What has changed is not just volume, but attitude. Listings are no longer treated as celebrations. They are treated as audits.

The IPOs of 2026 reflect this shift clearly. Most companies in the pipeline are already familiar names. They are not looking for validation. They are looking for structure, liquidity, and a broader ownership base. For investors who track unlisted shares, this year is less about discovery and more about transition.

1. Reliance Jio IPO

The Reliance Jio IPO will likely define the year, whether it happens early or late. Jio is not approaching the market as a growth story. Its relevance is already established.

The real question is valuation. Jio operates at a scale that Indian markets have rarely priced before. Capital expenditure is constant. Cash flows are recurring. Margins are stable but not spectacular. Estimating value in such a business is as much about patience as it is about numbers.

For investors who have followed Jio through unlisted shares, the IPO represents closure more than opportunity. It turns a long-held private asset into a publicly scrutinised one.

2. NSE IPO

The NSE IPO feels overdue, and perhaps that is why expectations are restrained.

The National Stock Exchange is foundational to Indian capital markets, but it is also cyclical. Revenues move with volumes, and volumes move with sentiment. That makes the exchange less predictable than its dominance might suggest.

This listing will not attract momentum investors. It will attract institutions looking for infrastructure exposure. For long-term holders of NSE unlisted shares, the primary appeal is liquidity, not upside.

3. SBI Mutual Fund IPO

The SBI Mutual Fund IPO is unlikely to generate excitement. That may be its strength.

Asset management businesses grow slowly, but steadily. They benefit from habit, not hype. As household savings continue to shift toward financial products, SBI Mutual Fund stands to gain without reinventing itself.

This IPO reminds investors that public markets still reward predictability. Not every listing needs a narrative arc.

4. PhonePe IPO

The PhonePe IPO represents a sector adjusting its tone. Fintech companies are no longer rewarded for scale alone. Cost control and sustainability now dominate investor conversations.

PhonePe’s listing will be studied closely, not because of its user base, but because of how it manages margins in a competitive environment. The market will judge restraint more favourably than ambition.

5. Flipkart IPO

The Flipkart IPO has lingered on the horizon for years, postponed whenever conditions turned unfavourable. Its return to the 2026 pipeline suggests that patience has limits.

Flipkart offers exposure to Indian e-commerce at scale, but the market will not ignore losses or logistics inefficiencies. This IPO will be priced, not celebrated.

6. boAt IPO

The boAt IPO introduces a consumer-brand story into an otherwise heavy lineup. What differentiates boAt is not its products, but its ability to remain profitable while scaling.

Public investors are likely to treat boAt cautiously but fairly. Consistency, not expansion speed, will decide its reception.

7. Zepto IPO

The Zepto IPO sits at the riskier end of the spectrum. Quick commerce is convenient, but convenience is expensive.

Private valuations have been generous. Public markets tend to be less forgiving. This IPO will test whether speed-based models can justify long-term capital.

8. OYO IPO

The OYO IPO is less about growth and more about redemption.

After years of aggressive expansion, the company has shifted toward discipline. The market will not reward promises. It will reward cash flow stability in a cyclical business.

9. Licious IPO

The Licious IPO illustrates a reality many companies face. Readiness is not just financial. Timing matters.

Even when valuations look attractive, internal priorities can delay listings. This flexibility is becoming more common in upcoming IPOs in India.

10. Reliance Retail IPO

The Reliance Retail IPO is expected to follow Jio’s listing. Together, they represent a broader Reliance roadmap rather than standalone events.

Retail is operationally complex, margin-thin, and relentless. The IPO will offer exposure to scale, not certainty.

For investors holding Reliance Retail unlisted shares, this listing marks one of the most significant transitions in recent memory.

What This Means for Investors

The upcoming IPOs in India suggest that Indian capital markets are becoming less emotional and more analytical.

For investors focused on unlisted shares, the advantage lies in preparation. Understanding businesses before they list matters more than reacting on listing day.

2026 is unlikely to be noisy. But it will be consequential.

FAQs

Why are the IPOs of 2026 important?

They represent a shift toward large, established businesses entering public markets after years as unlisted shares.

Do unlisted shares benefit from IPOs?

Yes. IPOs provide liquidity and valuation benchmarks for unlisted shares.

Which IPOs of 2026 are the largest?

Reliance Jio, NSE, and Reliance Retail are expected to dominate in scale.

Are upcoming IPOs in India safer?

No IPO is risk-free. Maturity reduces uncertainty but does not eliminate it.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Readers should conduct independent research before making decisions related to IPOs or unlisted shares.