India’s primary market is preparing for one of its strongest years yet, with several major companies expected to go public in 2026. The expected lineup includes some of India’s biggest consumer, technology and financial names such as Jio, NSE, SBI Mutual Fund, OYO, PhonePe and Flipkart.
India’s IPO market has already seen significant growth. Between 2020 and 2025, companies raised ₹5.39 lakh crore through IPOs. This is more than the amount raised in the entire two-decade period between 2000 and 2020. What makes this even more remarkable is that the number of IPOs was almost half of the earlier period.
The jump is largely due to the size of issues increasing. The average IPO size in the last five years has more than doubled compared to the earlier two decades. This shows that larger and more established companies are now choosing to list and raise meaningful amounts of capital.
The growth of India’s market has also encouraged promoters and private equity (PE) funds to sell stakes more efficiently. Offer for sale (OFS) transactions have become more common, giving PE funds simpler ways to exit their investments.
Between January and October 2025, secondary sales doubled, while block deals declined. This shift is expected to continue as a large pool of private equity investments matures and looks for exit opportunities.
3 major themes are expected to shape next year’s IPO pipeline. New-age digital companies such as OYO, PhonePe and Flipkart may anchor the technology segment. Large financial and market institutions like NSE and SBI Mutual Fund are also expected to join the list.
Jio’s potential listing may become one of the biggest IPOs in Indian history. NSE’s long-awaited debut is also expected to attract strong institutional interest. These large issues can help deepen liquidity and bring more investors into the market.
Another noticeable trend is the rise of IPOs from Tier-2 and Tier-3 cities. These regions contributed only a small share of IPO funds a few years ago, but their share rose sharply to 27% in 2024. This reflects how access to equity markets is expanding beyond major urban centres.
Domestic investor participation has also grown, with local institutional investors now owning more of NSE-listed companies than foreign investors.
Read more: 8th Pay Commission: Unions Raise Alarm as 69 Lakh Pensioners Not Mentioned in ToR.
If major names like Jio, PhonePe, NSE, SBI Mutual Fund, Flipkart and OYO go ahead with their plans, 2026 could become a defining year for India’s IPO market. The growing size, diversity and regional spread of upcoming listings show a market that is maturing quickly and attracting strong domestic and global interest.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Nov 19, 2025, 11:43 AM IST
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