Upcoming IPOs in India 2026: Major Listings Investors Should Watch
NSE, PhonePe, Zepto, Hero FinCorp and boAt lead India’s closely watched IPO pipeline. Investors should assess valuation, cash flow and issue structure before applying.
India’s IPO pipeline includes NSE, PhonePe, Zepto, Hero FinCorp and boAt, but investors should assess final offer documents, valuation and business risks before applying. Among Upcoming IPOs India 2026, Jio Platforms has already listed, while other issues remain at different regulatory stages and timelines may change.
India’s primary market remains busy, but not every new issue deserves your money. Among the upcoming IPOs in India 2026, NSE, PhonePe, Zepto, Hero FinCorp and boAt stand out for their scale, sector relevance and investor interest.
The pipeline also includes Indian Gas Exchange, Swara Baby Products and several SME issues. However, dates and issue sizes can change until companies file their final offer documents. This assessment is based on information available as of 28 October 2026.
Upcoming IPOs in India 2026 and their latest status
Jio Platforms should no longer be described as an upcoming IPO. The company completed its public issue and began trading on 28 October 2026. Its fresh issue comprised up to 27 crore shares priced at ₹1,119 each, translating into an issue size of about ₹30,213 crore. The stock touched ₹1,358 intraday on listing day, but an early price gain does not establish long-term value.
Other prominent issues remain at different regulatory stages:
| Company | Sector | Reported status | Key point for investors |
|---|---|---|---|
| NSE | Market infrastructure | IPO process underway, final schedule awaited | Watch valuation, regulation and technology risks |
| PhonePe | Fintech and payments | Updated draft papers filed | Test profitability and monetisation beyond UPI |
| Zepto | Quick commerce | Draft papers filed | Cash burn and unit economics are critical |
| Hero FinCorp | NBFC | DRHP filed | Review asset quality and borrowing costs |
| boAt | Consumer electronics | SEBI observations received | Assess margins, competition and OFS size |
| Indian Gas Exchange | Energy exchange | SEBI approval reported | Trading volumes and regulation matter |
SEBI observations do not amount to an investment endorsement. They indicate that the offer document has completed a regulatory review stage. Investors must wait for the Red Herring Prospectus, or RHP, for final pricing and updated disclosures.
NSE, PhonePe and Zepto IPOs deserve closer research
NSE is arguably the most distinctive name in the pipeline. It operates critical market infrastructure and has strong network effects, meaning its platform becomes more valuable as participation rises. Its position in equity derivatives and cash-market trading could make it a high-quality franchise. Still, investors need the final RHP to examine valuation, litigation, regulatory restrictions and technology-resilience disclosures.
PhonePe offers exposure to India’s expanding digital payments ecosystem. Its UPI scale may support revenue from insurance, lending distribution, wealth products and merchant services. Yet user numbers alone do not establish investment quality. Investors should examine operating cash flow, sustainable profitability, regulatory exposure and customer acquisition costs.
Zepto represents the high-growth quick-commerce segment. Market reports have discussed an issue size of around ₹11,000 crore, but this is not a confirmed figure. Its investment case will depend on contribution margins, delivery economics, cash burn and the capital required to compete with established platforms.
These three names could dominate discussions around upcoming IPOs in India 2026, but their final valuations will determine whether strong businesses also become attractive investments.
Hero FinCorp and boAt IPO valuations need scrutiny
Hero FinCorp’s reported ₹3,668 crore offer includes a ₹2,100 crore fresh issue and a ₹1,568 crore offer for sale, or OFS. Fresh-issue proceeds enter the company, while OFS proceeds go to selling shareholders.
As an NBFC, Hero FinCorp must be evaluated through gross and net non-performing assets, provisioning coverage, capital adequacy, return on assets and funding costs. Investors should also review its exposure to vehicle finance and unsecured credit.
boAt’s reported ₹1,500 crore offer includes ₹500 crore of fresh capital and a ₹1,000 crore OFS. Brand recognition is an advantage, but consumer electronics is highly competitive. Margin pressure, dependence on contract manufacturing, imports and aggressive pricing by Chinese and global brands could affect earnings.
For profitable issuers, investors can compare the price-to-earnings ratio with listed peers. Platform companies may require price-to-sales comparisons, while capital-intensive businesses can be assessed using EV/EBITDA, or enterprise value relative to operating profit. These metrics should not be used interchangeably.
IPO investor checklist before submitting an application
Before applying to any of the upcoming IPOs in India 2026, investors should check:
- Whether the latest RHP, rather than only the DRHP, has been reviewed
- Revenue, profit and operating cash-flow trends over at least three years
- The split between fresh capital and OFS
- Use of proceeds, including debt repayment, capex or working capital
- Valuation against genuinely comparable listed companies
- Promoter history, related-party transactions, litigation and pledged shares
- Customer concentration, supplier dependence and contingent liabilities
- Post-listing liquidity, especially for SME IPOs
Grey-market premium and subscription numbers mainly reflect short-term demand. They do not guarantee allotment, listing gains or long-term returns.
Investors interested in SME IPOs must be particularly cautious. Smaller companies can deliver rapid growth, but they often have limited free float, weaker analyst coverage and wider price swings. Receivables, auditor quality and working-capital requirements deserve close attention.
Official schedules and documents should be verified through the NSE upcoming issues page, the BSE public issues page and SEBI filings.
What upcoming IPOs mean for investors
The upcoming IPOs in India 2026 provide access to businesses across fintech, exchanges, NBFCs, consumer brands and quick commerce. They also carry very different financial and regulatory risks.
NSE may offer a scarce market-infrastructure opportunity, while PhonePe and Zepto provide exposure to digital consumption. Hero FinCorp requires close monitoring of credit quality, and boAt must prove that its brand can generate durable margins.
The key takeaway is simple: apply only when the business, valuation and issue structure make sense together. A popular brand or strong listing cannot replace disciplined fundamental research.
Disclaimer: This article is for investor education only and does not constitute investment advice. IPO dates, issue sizes and price bands may change. Verify the latest RHP and exchange announcements before investing.
Frequently Asked Questions
Which Upcoming IPOs India 2026 should I track?
The major names in the pipeline are NSE, PhonePe, Zepto, Hero FinCorp and boAt, while Indian Gas Exchange, Swara Baby Products and SME issues are also mentioned. Their timelines differ: NSE’s final schedule is awaited, PhonePe and Zepto have filed draft papers, and boAt has received SEBI observations.
Is Jio Platforms IPO still upcoming in 2026?
No, Jio Platforms is no longer an upcoming IPO because it listed on 28 October 2026. Its fresh issue comprised up to 27 crore shares at ₹1,119 each, worth about ₹30,213 crore; the stock touched ₹1,358 intraday on listing day.
When will NSE IPO open for subscription?
NSE’s IPO opening date had not been finalised as of 28 October 2026, with its IPO process underway and the final schedule awaited. Before applying, investors should use the final RHP to assess valuation, litigation, regulatory restrictions and technology-resilience disclosures.
Does SEBI observation mean boAt IPO is safe to invest in?
No, SEBI observations do not mean boAt’s IPO is safe or endorsed for investment; they only show that the offer document has completed a regulatory review stage. Investors should wait for the RHP, which carries final pricing and updated disclosures, and assess margins, competition and the offer-for-sale size.
What should I check before applying for the PhonePe or Zepto IPO?
Investors should check PhonePe’s operating cash flow, sustainable profitability, regulatory exposure and customer acquisition costs, while evaluating Zepto’s contribution margins, delivery economics, cash burn and capital needs. Strong user numbers or rapid growth alone do not establish whether an IPO valuation is attractive.
Sources & references
Bhavik Vaid
Bhavik Vaid writes on Indian markets, taxation, banking and personal finance for CADialogue. He covers RBI policy, GST and income-tax changes, mutual funds and market moves, translating them into practical guidance for retail investors, salaried professionals and business owners in India.
