Despite a slowdown in deal flow, India’s primary market may see a surge in the value of listings in 2026, driven by a few large, high-profile issues such as Jio Platforms, PhonePe, and National Stock Exchange, with total fundraising potentially reaching nearly $11 billion.
India’s primary market could still deliver another heavy year for listings in 2026, even if broader deal activity eases from the frenetic pace seen over the past two years.
Ranvir Davda, co-head of investment banking at HSBC India, told the Economic Times that the pipeline is likely to be dominated by a smaller number of much larger issues. “The number of deals may come down, but the size and aggregate value may still be similar,” he said, suggesting that investor appetite will increasingly be shaped by marquee offerings rather than a broad-based rush of flotations.
Among the names being watched are Reliance Industries’ telecom arm Jio Platforms, the National Stock Exchange, Zepto, PhonePe, Manipal Hospitals and SBI Funds Management. Together, these issuers could raise about ₹1 lakh crore, or roughly $10.8 billion to $10.9 billion, according to the report.
Other market estimates are even more ambitious. Equirus Capital has projected that IPO fundraising in 2026 could approach ₹1.77 lakh crore, reflecting a pipeline that spans technology, finance and telecom and includes some of the country’s most closely watched potential listings.
The National Stock Exchange issue is said to be gaining momentum as regulatory hurdles appear to be easing, with the exchange setting aside ₹1,300 crore to settle pending matters with the Securities and Exchange Board of India. A no-objection certificate may follow, potentially clearing the way for one of the most anticipated Indian listings in years.
PhonePe has already filed its confidential draft red herring prospectus with SEBI for a $1.5 billion offering that would value the payments company at around $15 billion, while SBI Funds Management is reportedly weighing a first-half 2026 IPO that could raise as much as $1.2 billion. Backed by SBI and Amundi, it would give public investors exposure to one of the country’s largest and fastest-growing mutual fund businesses.
OYO, meanwhile, has started preparations for a possible flotation of up to $800 million, according to reports, as the SoftBank-backed travel company works to steady performance and improve profitability before coming to market. BoAt’s parent, Imagine Marketing, has also filed an updated draft prospectus for a ₹1,500 crore issue.
The broad message from bankers and advisers is that 2026 may not match the sheer volume of offerings seen in earlier boom periods, but it could still rank among the strongest years on value if just a handful of large, high-profile companies decide to press ahead.
- https://bfsi.economictimes.indiatimes.com/articles/ipos-could-raise-up-to-25-billion-in-2026-too-despite-d-st-caution/130381131 – Please view link – unable to able to access data
- https://economictimes.indiatimes.com/markets/stocks/news/2026-ipos-bigger-better-focus-on-reliance-jio-nse-flipkart-sbi-mf-zepto-phonepe-more/ipo-rush/slideshow/125426649.cms – India’s primary market is preparing for one of its biggest years, with Equirus Capital projecting IPO fundraising of nearly Rs 1.77 lakh crore in 2026. The pipeline includes some of the country’s most anticipated listings across technology, finance, and telecom. Here are 10 biggest issues: Reliance Jio, NSE, PhonePe, OYO, SBI Mutual Fund, ICICI Prudential AMC, Hero Fincorp, Navi Technologies, Zepto, and boAt.
- https://economictimes.indiatimes.com/markets/stocks/news/2026-ipos-bigger-better-focus-on-reliance-jio-nse-flipkart-sbi-mf-zepto-phonepe-more/nse/slideshow/125426635.cms?from=mdr – The National Stock Exchange (NSE) IPO is gathering momentum as regulatory hurdles likely clear, and the exchange sets aside Rs 1,300 crore to settle pending matters with SEBI. An NOC may come soon, paving the way for one of India’s most awaited listings.
- https://economictimes.indiatimes.com/markets/stocks/news/2026-ipos-bigger-better-focus-on-reliance-jio-nse-flipkart-sbi-mf-zepto-phonepe-more/phonepe/slideshow/125426636.cms?from=mdr – PhonePe has filed its confidential DRHP with SEBI for a $1.5 billion IPO, valuing the payments major around $15 billion.
- https://economictimes.indiatimes.com/markets/stocks/news/2026-ipos-bigger-better-focus-on-reliance-jio-nse-flipkart-sbi-mf-zepto-phonepe-more/oyo/slideshow/125426637.cms?from=mdr – OYO has begun preparations for an IPO that could raise up to $800 million, according to reports. The SoftBank-backed hotel network is focusing on stabilising performance and improving profitability ahead of the issue. If conditions remain favourable, it could be one of the largest travel-tech listings in India.
- https://economictimes.indiatimes.com/markets/stocks/news/2026-ipos-bigger-better-focus-on-reliance-jio-nse-flipkart-sbi-mf-zepto-phonepe-more/sbi-mutual-fund/slideshow/125426638.cms?from=mdr – SBI Funds Management is considering raising up to $1.2 billion through an IPO in the first half of 2026, according to Bloomberg. Backed by SBI and Amundi, the AMC is the largest in India by assets. Its listing would give investors exposure to a rapidly expanding mutual fund industry.
- https://economictimes.indiatimes.com/markets/stocks/news/2026-ipos-bigger-better-focus-on-reliance-jio-nse-flipkart-sbi-mf-zepto-phonepe-more/boat/slideshow/125426639.cms?from=mdr – boAt’s parent company, Imagine Marketing, filed an updated DRHP for a ₹1,500 crore IPO.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on April 20, 2026, making it current. However, similar reports from December 2025 projected over ₹2.5 lakh crore in IPO fundraising for 2026, indicating that the narrative has been anticipated for several months. ([timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/business/india-business/ipo-market-2026-over-190-companies-line-up-for-debut-over-rs-2-5-lakh-crore-fundraising-targetted/articleshow/126172612.cms?utm_source=openai))
Quotes check
Score:
7
Notes:
The direct quote from Ranvir Davda, co-head of investment banking at HSBC India, is not found in the provided search results. This raises concerns about the verifiability of the quote. ([economictimes.indiatimes.com](https://economictimes.indiatimes.com/markets/ipos/fpos/ipos-could-raise-up-to-25-billion-in-2026-too-despite-d-st-caution/articleshow/130380018.cms?from=mdr&utm_source=openai))
Source reliability
Score:
8
Notes:
The article originates from The Economic Times, a reputable Indian news outlet. However, the specific section, ‘BFSI’, focuses on banking, financial services, and insurance, which may have a narrower readership and could be more susceptible to industry biases.
Plausibility check
Score:
9
Notes:
The projected IPO fundraising aligns with previous reports from December 2025, which estimated over ₹2.5 lakh crore in IPO fundraising for 2026. ([timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/business/india-business/ipo-market-2026-over-190-companies-line-up-for-debut-over-rs-2-5-lakh-crore-fundraising-targetted/articleshow/126172612.cms?utm_source=openai)) The inclusion of major companies like Jio Platforms, National Stock Exchange, Zepto, PhonePe, Manipal Hospitals, and SBI Funds Management is plausible given their market presence and previous discussions about their potential IPOs.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
While the article is current and originates from a reputable source, the unverified direct quote from Ranvir Davda and the lack of independent verification sources raise concerns about its reliability. The projected IPO fundraising figures are plausible and align with previous reports, but the absence of corroborating sources diminishes confidence in the overall assessment.