India's IPO market set for $20 billion boost in 2026
India's IPO scene is gearing up for a record $20 billion raise in 2026, led by big names like Reliance Jio, NSE, Flipkart, PhonePe, OYO, and SBI Mutual Fund.
From 2020 to 2025, companies pulled in ₹5.39 lakh crore—more than the last two decades combined—even though there were fewer IPOs.
The average IPO size nearly doubled to ₹1,605 crore.
Who's going public next?
Reliance Jio is expected to make headlines with one of India's largest-ever IPOs thanks to its telecom and digital reach.
NSE is finally planning its long-awaited listing as the country's top stock exchange.
Flipkart and PhonePe show how fast e-commerce and digital payments are growing here, while OYO brings hospitality into the mix.
SBI Mutual Fund adds some diversity from the finance world.
What's driving all this growth?
More private equity players and company founders are choosing IPOs or Offer for Sale routes to exit their investments—secondary sales hit 16% in 2025 (double from before).
There's also a surge of action outside big cities: Tier-2 and Tier-3 city IPOs made up 27% of funds raised in 2024 (up from just 4% in 2021).
Plus, Indian investors now own more of NSE-listed companies than foreign ones—a sign that local confidence is stronger than ever.