India’s 2026 IPO Outlook: $20 Billion Pipeline Signals Strong Market Momentum

As 2026 approaches, India’s IPO market is shaping up for another landmark year. Investor sentiment remains solid, and companies are gearing up to tap the primary market with large-scale offerings. The projected IPO pipeline for 2026 is estimated at $20 billion (around ₹1.78 lakh crore), highlighting sustained confidence in new-age and digital economy ventures.

This robust pipeline follows a record-setting five years in India’s primary markets. Between 2020 and 2025, companies raised ₹5.39 lakh crore through IPOs, surpassing the ₹4.55 lakh crore raised in the preceding 20 years, even with fewer public offerings. The trend underscores deep investor demand and the growing appetite for high-potential listings.

Market Performance: IPO Momentum from 2020–2025

The last five years have shown consistent growth in capital raised via IPOs:

• 2020–2025: ₹5.39 lakh crore raised
• Previous 20 years (2000–2019): ₹4.55 lakh crore
• 2025 (as of October 30): ₹1.30 lakh crore raised
• 2024: ₹1.59 lakh crore

This sustained growth reflects both the expansion of India’s corporate sector and the increasing sophistication of investors seeking high-quality opportunities in the primary market.

Main News: Key IPOs Set to Launch in 2026

Several marquee companies are expected to make their market debut, contributing to the $20 billion pipeline. These IPOs span sectors including telecommunications, financial services, digital payments, and hospitality.

Reliance Jio IPO

• Expected to be among India’s largest IPOs ever
• Proposed valuation: $170 billion
• Significance: First major IPO from Reliance since Reliance Petroleum Ltd.’s listing in 2006
• Timeline: Likely in the first half of 2026

SBI Mutual Fund IPO

• Stake Sale: ~6% by State Bank of India in its subsidiary SBI Funds Management
• Additional Promoter Sale: Amundi India Holding divesting 1.88 crore shares (≈3.7% of equity)
• Importance: Follows successful IPOs from other SBI subsidiaries, strengthening the financial services segment

NSE IPO

• Long-awaited listing generating significant investor interest
• Shares currently unlisted, trading privately at ₹1,950 apiece

PhonePe IPO

• Filed via the confidential route to maintain private filings until the public offer
• Last private market valuation: $12 billion
• Expected listing: Mid-2026

Oyo IPO

• Plans to file DRHP in November
• Target valuation: $7–8 billion
• Marks a key listing from the hospitality sector

Company Details: Sector Insights

The 2026 IPO pipeline showcases diverse sectors attracting investor interest:

• Telecommunications & Digital Services: Major listings in telecom and platforms driving digital adoption
• Financial Services: Mutual fund and banking subsidiaries leveraging IPOs for capital diversification
• Digital Payments & Fintech: Payment platforms tapping capital markets to expand operations
• Hospitality & Consumer Services: Leading hotel chains entering the primary market to fund growth

This variety underlines the depth and resilience of India’s primary market, with both new-age technology firms and traditional service companies seeking to raise funds through IPOs.

Summary: What the 2026 IPO Outlook Means

India’s primary market is set to remain a vibrant space for both companies and investors in 2026. With a projected $20 billion pipeline, IPOs are expected to drive liquidity, attract diverse investors, and provide access to high-potential sectors ranging from telecom and fintech to hospitality.

The continued strong performance of IPOs over the past five years reflects growing corporate confidence and investor engagement, suggesting that 2026 will continue the momentum of India’s evolving capital markets.