Last Updated: September 25, 2026
India’s IPO market continues to attract significant attention in 2026, with several well-known companies preparing for potential stock-market listings.
From Jio Platforms and PhonePe to Zepto, OYO parent Prism and Mahanadi Coalfields, these upcoming Indian IPOs span technology, digital payments, quick commerce, hospitality, renewable energy and mining.
However, investors should remember that an IPO being announced, filed with SEBI or receiving regulatory observations does not necessarily mean that the IPO date or price has been finalized.
Here are some of the most highly awaited upcoming Indian IPOs to watch in 2026 and beyond.
1. Jio Platforms IPO
Sector: Telecom, Technology & Digital Services
Company: Jio Platforms Limited
IPO Status: SEBI approved
Expected IPO: Date not officially announced
The Jio Platforms IPO is one of the most closely watched upcoming IPOs in India.
Jio Platforms is the technology holding company behind Reliance’s digital ecosystem. Its businesses cover digital connectivity, mobile and fixed broadband, entertainment, cloud services, enterprise solutions, artificial intelligence and other digital products.
According to Jio’s IPO documents, Reliance Jio Infocomm served 524.4 million customers in India as of March 31, 2026.
SEBI approved the proposed IPO in August 2026. Reuters reported that the planned offering involves approximately 270 million shares and could raise around $3.8 billion, potentially making it one of India’s largest IPOs.
The company has also developed a broader technology ecosystem around connectivity, digital entertainment, cloud computing and AI.
What investors should know
The IPO is expected to provide public-market investors with direct exposure to Jio Platforms rather than investing through Reliance Industries.
The final Jio IPO price band, lot size, subscription dates and listing date should be checked against the final offer documents once announced.
2. PhonePe IPO
Sector: Fintech & Digital Payments
Company: PhonePe Limited
IPO Status: IPO plans postponed; future listing remains under watch
Expected IPO: Date not announced
PhonePe is one of India’s largest digital-payment platforms and is built around the country’s Unified Payments Interface (UPI) ecosystem.
The company offers digital payments, mobile recharges, bill payments and financial services through its platform. It has also been expanding beyond India’s domestic market.
PhonePe’s IPO has attracted considerable attention because it would give public-market investors exposure to one of India’s biggest fintech businesses.
However, investors should be careful with older articles claiming that the PhonePe IPO is definitely launching on a particular date. Reuters reported in September 2026 that the company had postponed its anticipated IPO earlier in the year because of geopolitical and market conditions. The company was then targeting a valuation of approximately $9 billion to $10.5 billion when the offering eventually resumes.
PhonePe’s updated IPO documents are already part of the public regulatory record, but the eventual launch timing can still change.
What investors should watch
Key areas include:
- PhonePe’s UPI and payments business
- Expansion into financial services
- Profitability and operating expenses
- Regulatory changes affecting digital payments
- The eventual IPO valuation
- Final offer size and pricing
The timing of the IPO should therefore be treated as TBA until officially announced.
3. Zepto IPO
Sector: Quick Commerce & E-Commerce
Company: Zepto
IPO Status: IPO plans delayed
Expected IPO: Not officially scheduled
Zepto has become one of India’s most prominent quick-commerce companies, competing in the rapidly growing market for fast delivery of groceries and everyday products.
The company’s business is built around a network of dark stores and technology-enabled delivery operations designed to fulfill customer orders quickly.
Zepto had previously been working toward a public listing and filed an updated DRHP during 2026. Its proposed IPO documents included a fresh issue of up to ₹8,010 crore, with the overall offering potentially reaching approximately ₹9,000–₹10,000 crore when the offer-for-sale component was included.
However, the IPO timeline subsequently changed.
Reports in July 2026 said Zepto had paused its IPO plans and was looking at additional pre-IPO fundraising. The company later indicated that it was targeting a potential IPO within the following two to three quarters, depending on its financial position and market conditions.
What investors should know
Zepto’s IPO story will largely depend on how the company balances:
- Revenue growth
- Delivery economics
- Cash burn
- Profitability
- Competition in quick commerce
- Valuation
Because the timetable has changed, investors should not rely on earlier reports that listed a specific 2026 IPO date.
4. OYO / Prism IPO
Sector: Hospitality & Travel Technology
Company: Prism, formerly Oravel Stays Limited
IPO Status: SEBI observations received; updated IPO documents filed
Expected IPO: Date not announced
The company behind OYO is another highly watched name in India’s IPO pipeline.
Oravel Stays, the parent company of OYO, has since adopted the Prism identity. The business operates a technology-driven hospitality platform connecting travelers with accommodation properties across multiple markets.
In June 2026, Prism filed an updated DRHP proposing a ₹6,650 crore IPO consisting entirely of a fresh issue. Existing shareholders were not included in an offer-for-sale component in that proposal.
SEBI had issued observations on the company’s IPO documents, allowing the proposed listing process to move forward, although that does not establish a final launch date.
The company has also significantly expanded its international operations. Its platform operated across more than 35 countries according to information reported from its updated IPO filing.
What investors should watch
For the OYO IPO, investors may want to examine:
- Hotel and hospitality demand
- Revenue growth
- Profitability
- International operations
- Debt and repayment plans
- Competition in online travel and hospitality
- The final valuation
The OYO IPO date and price band are not confirmed at the time of this update.
5. Mahanadi Coalfields IPO
Sector: Coal Mining & Energy
Company: Mahanadi Coalfields Limited (MCL)
IPO Status: DRHP filed with SEBI
Expected IPO: Date not announced
Mahanadi Coalfields could become one of the most significant upcoming PSU-related IPOs to watch.
MCL is a subsidiary of Coal India and is one of India’s major producers of non-coking coal.
The proposed listing would give investors direct exposure to MCL rather than indirectly owning the business through Coal India’s listed shares.
Mahanadi Coalfields filed its DRHP with SEBI in September 2026. The proposed IPO includes an offer for sale of up to 66.18 crore shares by Coal India.
The Government of India had previously approved the listing and disinvestment plan, allowing Coal India to dilute up to 25% of its stake in Mahanadi Coalfields.
What investors should know
Because the proposed transaction is primarily an OFS, investors should distinguish it from a traditional IPO where the company raises substantial fresh capital for expansion.
Important factors to monitor include:
- Coal production and sales
- Coal prices
- Government policy
- Energy demand
- Environmental regulations
- Coal India’s stake sale
- Final IPO valuation
The IPO is still in the regulatory process, so the price band, subscription dates and listing date are not confirmed.
6. Avaada Electro IPO
Sector: Renewable Energy & Solar Manufacturing
Company: Avaada Electro Limited
IPO Status: SEBI approved / updated IPO documents filed
Expected IPO: Date not announced
Avaada Electro is one of the more notable upcoming IPOs from India’s renewable-energy manufacturing sector.
The company focuses on solar photovoltaic manufacturing, including solar cells and modules. It is part of the Avaada Group and is building a vertically integrated renewable-energy manufacturing business.
Avaada Electro filed updated IPO documents with SEBI in August 2026 for a proposed issue of up to approximately ₹7,600 crore.
SEBI had previously issued observations on the company’s IPO proposal in April 2026.
What investors should watch
The Avaada Electro IPO is particularly relevant to investors following India’s domestic solar-manufacturing expansion.
Important factors include:
- Solar cell and module manufacturing capacity
- Government renewable-energy policies
- Import competition
- Raw-material costs
- Capital expenditure
- Profitability
- Demand for solar installations
The final issue structure and launch date should be confirmed through the company’s final IPO documents.
Upcoming Indian IPOs: Quick Comparison
| Company | Sector | Current IPO Stage | IPO Date |
|---|---|---|---|
| Jio Platforms | Telecom & Technology | SEBI approved | TBA |
| PhonePe | Fintech & Payments | Postponed / awaiting launch | TBA |
| Zepto | Quick Commerce | Delayed / future listing planned | TBA |
| Prism (OYO) | Hospitality & Travel Tech | IPO process underway | TBA |
| Mahanadi Coalfields | Coal & Mining | DRHP filed | TBA |
| Avaada Electro | Solar & Renewable Energy | IPO process underway | TBA |
How to Track Upcoming IPOs in India
Investors should not rely solely on social-media posts or unofficial IPO calendars when researching upcoming Indian IPOs.
The most important documents to monitor are:
DRHP — Draft Red Herring Prospectus:
Contains detailed information about the company, business, financials, risks and proposed IPO structure.
RHP — Red Herring Prospectus:
Usually provides more finalized information before the issue opens.
Price Band Announcement:
Provides the final IPO price range and other important issue details.
BSE and NSE IPO Information:
Once an IPO is formally scheduled, the exchanges publish the relevant issue information.
SEBI filings:
SEBI’s public-issue database is another important source for tracking IPO documents and regulatory developments.
What Investors Should Check Before Applying for an IPO
A popular company does not automatically mean its IPO will be suitable for every investor.
Before applying, consider:
1. Valuation
Compare the proposed valuation with the company’s revenue, earnings, growth rate and comparable listed companies.
2. Financial performance
Look at revenue growth, margins, profitability, debt and cash flow rather than focusing only on the company’s brand name.
3. IPO structure
Determine whether the issue is primarily a fresh issue, an offer for sale, or a combination of both.
4. Use of IPO proceeds
For a fresh issue, understand how the company plans to use the money raised.
5. Risk factors
The DRHP and RHP contain detailed risk disclosures that can be more useful than promotional descriptions of the business.
6. Final IPO price
An excellent company can still be offered at a valuation that carries substantial expectations. The final price and valuation should therefore be considered separately from the company’s popularity.
Final Takeaway
The Indian IPO market has several major names to watch, but their IPO timelines are at different stages.
Jio Platforms has received SEBI approval and is one of the biggest upcoming technology listings to monitor. PhonePeremains a major fintech IPO candidate, although its launch has been postponed. Zepto has also pushed back its earlier IPO timeline while continuing to prepare for a future listing.
Meanwhile, Prism (OYO), Mahanadi Coalfields and Avaada Electro provide exposure to very different sectors, including hospitality, coal mining and solar manufacturing.
For investors tracking upcoming Indian IPOs in 2026, the key is to follow the latest DRHP, RHP, price-band announcement and exchange filings rather than relying on old IPO dates.
This article is for informational and research purposes only and is not financial advice. IPO dates, issue sizes, valuations and other details can change before launch. Always review the latest official offer documents before making an investment decision.