India's IPO Pipeline for H2 2026: Biggest Public Issues to Watch

After a quiet first half, a ₹3 lakh crore queue led by Jio, NSE, Flipkart, PhonePe, and Zepto could turn the second half of 2026 into a record stretch for listings.

By Naina, 23rd June 2026

India's IPO pipeline for the second half of 2026 is one of the deepest the market has ever seen. After a subdued first half, when volatility kept many companies waiting, a wave of marquee names is lining up to test investor appetite, from Reliance Jio's record-breaking issue to the long-delayed listing of the National Stock Exchange. Reports peg the total pipeline at around ₹3 lakh crore, with roughly 150 companies holding regulatory approval. If conditions hold, H2 2026 could become one of the busiest stretches for public issues in India's history.

The line-up spans telecom, market infrastructure, e-commerce, fintech, and quick commerce, giving investors a rare breadth of choice. But the mood has shifted. After the excesses of recent years, public-market investors are putting more weight on profitability, governance, and cash flow than on growth alone. Here are the biggest public issues to watch, and what makes each one significant.

The H1 Slowdown and the H2 Setup

The backdrop explains the urgency. India's mainboard market was quiet through the first half of 2026, with proceeds running well below the prior year as Middle East tensions and global volatility kept issuers cautious. That contrasts with a record 2025, which saw hundreds of listings raise more than ₹1.75 lakh crore. With sentiment now stabilising, the backlog of approved issues is set to clear in the second half, making H2 the real test of the year's promise.

Reliance Jio: India's Biggest-Ever IPO

The headline act is Reliance Jio. The Reliance Industries unit filed its draft prospectus in June, proposing a fresh issue of up to 27 crore shares with proceeds aimed at cutting debt. Reported valuations range from about ₹9.5 lakh crore to ₹13 lakh crore, which would make it the largest IPO in Indian history and one of the biggest technology listings anywhere. A successful Jio debut is widely seen as the trigger that could unlock the rest of the pipeline.

NSE: A Decade-Long Wait Ends

The National Stock Exchange is finally close to listing after years of regulatory delay. SEBI cleared the path with a no-objection certificate earlier in 2026, ending an overhang tied to past governance issues. Estimates put the issue size in the ₹20,000 crore range and the valuation between ₹4.75 lakh crore and ₹7 lakh crore. With a near-monopoly in derivatives trading and strong financials, including rising quarterly profit, NSE's offer is one of the most consequential market-infrastructure listings the country has seen.

Flipkart: The Homecoming Listing

Walmart-backed Flipkart has cleared a key hurdle, winning approval to shift its domicile from Singapore back to India, a prerequisite for a domestic listing. The company is reportedly exploring a large pre-IPO round and strengthening its governance ahead of a potential offer. Valuation estimates vary widely, reflecting how early the process is, and no formal listing date has been set. Still, a Flipkart IPO would be a landmark for India's digital economy and a test of appetite for large new-age companies.

PhonePe: The Fintech Heavyweight

Digital payments leader PhonePe has filed confidentially with SEBI, signalling intent while keeping details private. The offer is expected to be largely an offer for sale, with backers such as Walmart, Tiger Global, Microsoft, and General Atlantic set to pare stakes. The company paused its plans during the spring volatility but is expected to revive them in the second half. With revenue growing sharply and a valuation reported around $15 billion, PhonePe would rank among India's biggest fintech listings.

Zepto: Quick Commerce Goes Public

Quick-commerce player Zepto is among the most concrete startup candidates for H2. Shareholders approved a plan to raise up to ₹11,000 crore, and the company is targeting a listing window between July and September through the confidential route. With a pre-IPO valuation around $7 billion, Zepto's debut would be a bellwether for the wider new-age and consumer-tech cohort, testing whether public investors will pay up for rapid growth in a still-loss-making but fast-scaling model.

OYO, SBI Mutual Fund and the Next Tier

Beyond the headline names sits a strong second tier. Hospitality firm OYO is seeking approval for an issue of around ₹6,650 crore, while SBI Mutual Fund, India's largest asset manager and a joint venture with Amundi, is preparing an offer that could raise up to $1.2 billion and draw heavy domestic demand. Both would broaden the H2 line-up across consumer services and financial services, adding depth beyond the technology-heavy top of the pipeline.

The Smaller Names Worth Tracking

Several mid-sized issues round out the queue. Consumer-electronics brand boAt has filed for an offer of around ₹1,500 crore, and Hero Group's lending arm, Hero FinCorp, is awaiting clearance for a ₹3,668 crore issue. Sachin Bansal's Navi Technologies, logistics player Shadowfax, and a clutch of unicorns including InMobi and Zetwerk are also in various stages. Together, the unicorn cohort alone could raise well over ₹47,000 crore, underlining the breadth of the pipeline.

The New Rules of the Game

The defining feature of this wave is selectivity. Investors burned by stretched valuations now favour companies that can show predictable cash flows, sound unit economics, and disciplined governance over headline growth. That recalibration is shaping how startups price and pitch their issues, and it may separate the offers that fly from those that struggle. For founders, a clean balance sheet and a credible path to profit have become as important as scale.

What to Watch in H2 2026

India's IPO pipeline for H2 2026 is loaded, but timing hinges on conditions. A strong Jio listing could set the tone and embolden the rest, while any fresh bout of global volatility could push issues into 2027, as it did earlier this year. The names to track, Jio, NSE, Flipkart, PhonePe, and Zepto, will signal whether 2026 becomes a record year or a story of delay. For investors, the second half offers rare choice, but the new emphasis on quality means each issue deserves scrutiny. This is analysis, not investment advice.

Frequently Asked Questions

What are the biggest IPOs expected in H2 2026?
The largest names include Reliance Jio, the National Stock Exchange, Flipkart, PhonePe, and Zepto, spanning telecom, market infrastructure, e-commerce, fintech, and quick commerce.

How large is India's IPO pipeline?
Reports put the total pipeline at around ₹3 lakh crore, with roughly 150 companies holding SEBI approval and dozens more awaiting clearance.

Which will be the largest IPO?
Reliance Jio is expected to be the biggest, with reported valuations ranging from about ₹9.5 lakh crore to ₹13 lakh crore, which would make it the largest IPO in Indian history.

Why were IPOs delayed in the first half of 2026?
Global volatility and Middle East tensions kept sentiment weak, prompting many companies to wait for calmer conditions and better pricing before launching their issues.

What are investors prioritising in 2026 IPOs?
There is a clear shift toward profitability, sustainable unit economics, and strong governance, with public-market investors less willing to reward growth alone.