Despite the recessionary pressure and economic challenges, 2025 will be remembered for one development that remained constant: the IPO mania. Though most of the companies have raised the money they’d want to, but the wave of interest in the IPO market still remains high.
And that’s likely to move toward 2026 as well. Investors who missed the bus last year would be waiting, and here are the companies that can help them gain the returns they’d like to chase.
Reliance Jio
Expected by: First half of 2026
Looking to raise: Not revealed
Opportunity for growth
Almost half of India’s smartphones have a Jio 4G/5G SIM card, and that gives Mukesh Ambani an unprecedented marketing reach unmatched by any other brand. From the time Mukesh acquired the only company that won the pan-India 4G license for almost $1.4 billion in 2010 to today, when the Jio brand now encompasses everything from music to OTT to finance, going public has been the natural projection for the company.
Mukesh Ambani is widely expected to list Reliance Jio in the first half of 2026, with about 10% of the stake up for grabs from the 66% RIL currently owns in the company.
Oyo (now rebranded as PRISM)
Expected by: First half of 2026
Looking to raise: ₹6,650 crore
Opportunity for growth
The Ritesh Agarwal-led company, backed by Japanese venture capital fund SoftBank, has been aggressively making its mark in the hospitality industry, expanding beyond hotels. India’s travel and tourism sector is expected to grow at a CAGR of above 15% CAGR, and Oyo is expected to tap into the demand with its wide-ranging offerings for all budgets. With a profit of ₹ 244.8 crore in FY25, Oyo has managed to have 12 consecutive quarters of profitability despite the softening of seasonal travel demand and the company’s debt burden. Under its new corporate umbrella PRISM, the company has ventured into boutique hotels, motels, vacation homes and co-working office spaces through its various acquisitions. From an India-centric brand to a global one, PRISM aims to use half of the proceeds to invest in technology expansion, improve customer experience and pursue acquisitions.
PhonePe
Expected by: First half of 2026
Looking to raise: About ₹11,000 -13,000 crores
Opportunity for growth
PhonePe has emerged as India’s largest UPI provider,, commanding almost 50% of all UPI-enabled transactions. The platform, now owned by US retail giant Walmart, has moved from a pure payments app to a fintech super app, offering everything from insurance, lending, mutual funds, and other services. Backed by ever-increasing UPI transaction volumes, PhonePe’s revenues have grown almost 40% to ₹ 7,115 crore in FY25, and the company aims to expand its services further with co-branded credit cards, cross-selling opportunities and Buy Now Pay Later (BNPL) products backed by Flipkart’s strong retail presence. With the IPO proceeds, PhonePe aims to invest in the infrastructure to make it as ubiquitous as WeChat, an all-encompassing super app offering all services just as it is done in China.
SBI Mutual Fund
Expected by: March 2026
Looking to raise: ₹120 crores
Opportunity for growth
SBI is one of the oldest Mutual Fund houses in India, managing almost ₹10 lakh crore in AUM in FY25. The company holds a 15.5% market share, and is regarded as India’s most profitable Asset management Company (AMC). With India’s Mutual Fund assets expected to grow at 15-20% CAGR, SBI’s over 500 million customer base has allowed it to become India’s largest fund house, and will continue to do so. SBI Mutual Fund has been consistently posting profits over the years, and the increasing awareness of investment opportunities through Mutual Funds, combined with its proven track record, ensures greater opportunities to boost profits.
National Stock Exchange (NSE)
Expected by: Early 2026
Looking to raise: ₹60,000 crore
Opportunity for growth
The National Stock Exchange (NSE) is one of the only two players that are responsible for the capital market infrastructure in India. It has strong operating margins exceeding 70% with a net profit of ₹7,300 crore last year. Though unlisted, its valuation has surged to almost $58 billion, even above Nasdaq’s $56 billion, mostly on the back of a growing interest in the stock markets. With predictable returns and a strong moat that isn’t going to be breached, this is one IPO that everyone’s looking forward to.
Flipkart
Expected by: Early 2026
Looking to raise: Up to ₹83,000 crore
Opportunity for growth
As the homegrown pioneer of the e-commerce market, Flipkart currently accounts for about 50% of the organised e-commerce market share. Over the years, it has grown to more than 500 million registered users, with an ecosystem that includes its marketplace, advertising options, logistics, fintech and fashion brands. Majority-owned by Walmart, Flipkart is looking to boost its role in India’s e-commerce ecosystem by expanding its advertising and logistics capabilities and venturing into the emerging trend of quick commerce. Before listing, Flipkart is looking to re-domicile itself to India from Singapore, and the Draft Red Herring Prospectus (DHRP) is expected to be filed following that.
Hero FinCorp
Expected by: Sometime in 2026
Looking to raise: ₹3,668 crore
Opportunity for growth
Backed by the world’s largest two-wheeler manufacturer by volume, Hero FinCorp services almost 1.18 crore customers, offering themed vehicle financing options. The company has an Asset Under Management (AUM) of ₹61,794 crore (December 2024) working with more than 4000 dealers across the country. With more than 10 million two-wheelers sold every year, Hero Fincorp has a ready customer base that allows it unmatched market penetration. The company now aims to expand on this by diversifying beyond two-wheeler financing, into business loans, personal loans and other credit facilities to become a full-fledged Non-Banking Financial Institution (NBFC).
Zepto
Expected by: Mid 2026
Looking to raise: Up to ₹4,100 crore
Opportunity for growth
As one of India’s most admired startups, Zepto grew exponentially post-pandemic. The company is currently worth almost $7 billion, and has a network of almost 900 dark stores that service 19,000 pin codes across the country. Through its quick commerce app, the company remains one of the fastest-growing e-commerce businesses in India, aiming to beat its competition by reducing delivery costs and improving its presence in Tier 2 and 3 cities. With the blessing of marquee investors, Zepto has managed to improve its profitability at the store level, despite the challenge of the 10-minute delivery promise it gives its customers. The IPO will help Zepto cement its position in the highly competitive and low-margin quick commerce market, which has now reached almost every small town in the country.
Shiprocket
Expected by: End of 2026
Looking to raise: ₹2,342 crore
Opportunity for growth
As India’s leading logistics and e-commerce enablement platform, Flipkart-backed Shiprocket serves 1.5 lakh active merchants and processes almost 490 million e-commerce transactions. Its operating revenues grew 24% year on year to ₹ 1,632 crore, with the company now aiming to expand its reach to cross-border shipping, payment management and international expansion. With the IPO proceeds, the company aims to go global while cementing its place as one of the leading backend operators of India’s e-commerce market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks includes financial risks, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
