India’s IPO market is gearing up for another blockbuster year in 2026, with a fresh wave of new-age companies planning to go public and raise close to ₹50,000 crore through initial public offerings (IPOs) and offers for sale. This list is being led by major tech-enabled startups that have become household names in digital services.
🧭 Key Companies in the Lineup
- PhonePe — The digital payments giant is preparing for its IPO in 2026, aiming for a significant fundraise, reflecting the growing investor interest in fintech listings.
- Zepto — The quick-commerce unicorn has filed draft IPO papers confidentially with SEBI and is expected to seek around ₹11,000 crore as it pursues a market debut next year.
- Oyo — Hospitality brand Oyo’s parent, PRISM, has also taken steps toward going public, filing confidentially with plans to raise several thousand crore in its IPO.
- Other Startups — Names like Boat, Infra.Market, and Shadowfax are also part of the expected IPO pipeline, underscoring the breadth of interest across sectors.
📈 Market Context
The upcoming IPO season follows a strong 2025, where new-age companies raised nearly ₹36,000 crore from public markets, marking one of the busiest periods for tech listings in India. Retail and institutional investor participation was robust, encouraging more startups to access capital through public offerings.
That momentum, however, comes with greater selectivity from public investors, who are now focusing on profitability, cash flow visibility, and stronger balance sheets rather than just growth narratives alone. This trend reflects a maturing IPO ecosystem where fundamentals increasingly guide investor choice.
🟡 What to Watch
- Market Conditions — Broader macroeconomic cues and policy decisions (e.g., the upcoming Union Budget) could influence the timing and success of these IPOs.
- Valuation Discipline — With tech listings under scrutiny, pricing and profitability will play a key role in attracting quality long-term capital.
- Investor Appetite — Domestic and foreign institutional investors, along with pension funds and insurers, are positioning to anchor large IPOs, boosting confidence in India’s primary market.
