Editor’s Note
This article highlights the anticipated surge in initial public offerings in 2026, with a focus on several major companies expected to go public. The following overview examines the potential top contenders in what is shaping up to be a landmark year for the IPO market.
The year 2026 is poised to be a mega year for IPOs. Several large companies are set to launch their IPOs in the first half itself.
Let’s take a look at the top five biggest IPOs expected in 2026. Several major companies are preparing for listing. These include giants from the telecom, fintech, e-commerce, and quick commerce sectors.
Reliance Jio Platforms, the digital and telecom arm of Reliance Industries, is set to launch India’s largest IPO to date. The company is preparing its draft prospectus. Reliance Chairman Mukesh Ambani has stated that the IPO will arrive in the first half of 2026. According to a Bloomberg report, its valuation could reach up to $170 billion. If this happens, it will rank among the country’s most valuable companies; Bharti Airtel’s valuation is $140 billion.
After a long wait, the IPO of the National Stock Exchange of India (NSE) is also expected in 2026. NSE has set aside approximately ₹1,300 crore to settle pending matters (such as co-location and dark fiber) with the regulator SEBI. Experts hope that a No Objection Certificate (NOC) from SEBI will be received soon, after which NSE can file its Draft Red Herring Prospectus (DRHP). If all goes well, this will be one of India’s largest and most talked-about IPOs. NSE’s valuation is estimated to be around ₹4.75 lakh crore, and by selling a 10% stake via the IPO, it could raise approximately ₹47,500 crore.
Walmart’s e-commerce company Flipkart is also set to launch its IPO in 2026, with preparations in full swing. An estimate suggests the IPO valuation could be around $60-70 billion. This month, in December 2025, the NCLT approved Flipkart’s domicile shift from Singapore to India. This is a major step as Flipkart Internet Pvt Ltd will now become an Indian holding company, including subsidiary companies like Myntra, Ekart, and Cleartrip. The company still awaits approval from the central government under Press Note 3, as Chinese investor Tencent holds a 5-6% stake. However, with Walmart holding majority ownership, this approval is expected.
Discussions around the IPO of quick commerce company Zepto have also heated up recently. It is said to have confidentially filed fresh draft papers. Its IPO is also highly likely to arrive in 2026. The company aims to raise approximately ₹11,000-11,600 crore through the IPO. Most of this will come from a fresh issue, amounting to about ₹11,000 crore. Zepto’s current valuation is $7 billion (approximately ₹60,000 crore). The plan is to list between July-September 2026.
The mega IPO of digital payments company PhonePe is also expected in 2026. This Walmart-backed company confidentially filed its DRHP with SEBI in September 2025. Through the IPO, the company aims to raise approximately ₹11,000-12,500 crore. Most of this will come from an Offer for Sale (OFS), meaning existing investors like Walmart, Tiger Global, and Microsoft will sell some of their stake. The listing is expected in the first half of 2026.
